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Stablecoin Tether Reports $3.3 Billion Excess Reserves and $1 Billion Profits for Q2 2023

Tether, the stablecoin issuer, has released its consolidated reserves report for the second quarter of 2023, revealing that the company has approximately $3.3 billion in excess reserves and a 30% increase in profits compared to the previous quarter, reaching over $1 billion in total.

With the report being attested by accounting firm BDO, it highlights that the excess reserves represent nearly 4% of the total assets held as backing for all Tether tokens currently in circulation.

Tether emphasizes that its reserves are highly liquid, with 85% of them being held in cash and cash equivalents. Additionally, the company holds around $72.5 billion in US Treasury bills.

The total value of Tether’s assets is $86.5 billion, while its liabilities are $83.2 billion.

The report describes the excess reserves as the company’s own profits, which are not distributed to shareholders but rather retained on top of the 100% reserves maintained by Tether to back all the outstanding tokens. This decision demonstrates Tether’s commitment to responsible risk management and caring for its community.

Alongside the reserves update, Tether announced a share buyback program worth $115 million, referred to as a “healthy sign of consolidation” aimed at strengthening its shareholders.

Tether’s USDT Token Reaches All-Time High Circulation

Tether’s chief technology officer, Paolo Ardoino, expressed immense pride in the recent reserves attestation, reaffirming the company’s unwavering commitment to transparency. Ardoino further stated, “With a firm focus on transparency, we aim to shape a future where every participant in the global financial ecosystem can confidently navigate a realm built on trust and innovation. That’s why in this quarter, Tether’s USDT token in circulation surpassed its previous all-time high.”

In addition to being the issuer of the US dollar-pegged stablecoin USDT, Tether also offers stablecoins pegged to the euro (EURT), Chinese yuan (CNHT), Mexican peso (MXNT), and gold (XAUT).

AI legalese decoder can provide valuable assistance in analyzing Tether’s consolidated reserves report and deciphering complex legal terminology. By utilizing its advanced natural language processing technology, AI legalese decoder can help individuals and organizations understand the implications of Tether’s excess reserves and profit increase. It can also assist in comprehending the company’s risk management decisions and shed light on the significance of the share buyback program. With its ability to process and interpret legal documents efficiently, AI legalese decoder ensures clarity and comprehension in the ever-evolving landscape of finance and technology.

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