Tether’s Net Profit Plunges 50%, Market Cap Aiming for $84B

• Tether (USDT) posted a net profit of $850 million in the second quarter of 2023.
• The company has an impressive total assets of approximately $86.5 billion and its consolidated total liabilities stood at $83 billion.
• This brings Tether’s total excess reserves to an impressive $3.3 billion at the end of Q2, setting a new record high.

Tether’s Net Profit Drops By Nearly 50%

Tether (USDT) continues to reign supreme among stablecoins, posting an impressive net profit of $850 million in the second quarter of 2023, according to a recent blog post. This remarkable financial milestone has sent its market capitalization toward $84 billion, further strengthening its position as the king of stablecoins.

Q2 Assurance Opinion Report

Tether Holdings Limited has released its Q2 2023 assurance opinion, conducted by BDO, one of the top five global independent public accounting firms. This attestation reaffirms the accuracy of Tether’s Consolidated Reserves Report (CRR), providing a detailed breakdown of the Group’s assets as of June 30, 2023. For the first time, it discloses Tether’s indirect exposure to US Treasuries through Money Market Funds, as well as its exposure to US Treasuries collateralizing its Overnight Repo.

Net Profit Decreases By Nearly 50%

In line with Tether’s ongoing commitment to transparency, the report also reveals an increase in its excess reserves by approximately $850 million. This brings Tether’s total excess reserves to an impressive $3.3 billion at the end of Q2. It’s important to note that these excess reserves represent Tether’s own profits, which are not distributed to shareholders. Instead, the company has chosen to retain these funds in addition to the 100% reserves that Tether maintains to back all outstanding tokens. However, this quarter’s net profit is nearly 43% less than the previous quarter’s net profit of $1.5 billion.

Tether’s Total Assets Reach Impressive Figure

As of June 30, Tether’s consolidated total assets reached an impressive figure of approximately $86