Stablecoin issuer Tether has released its consolidated reserves report for the second quarter of 2023, indicating approximately $3.3 billion in excess reserves. Notably, their profits have surged by 30% from the previous quarter, exceeding $1 billion.
The report, which underwent verification by accounting firm BDO, highlights that the excess reserves now make up almost 4% of the total assets backing all circulating Tether tokens. Tether assures the high liquidity of its reserves, with 85% being held in cash and cash equivalents, and an additional $72.5 billion in US Treasury bills.
In total, Tether’s assets are valued at $86.5 billion, while liabilities stand at $83.2 billion.
Tether clarifies that the excess reserves represent the company’s own profits, not distributed to shareholders, and are maintained in addition to the 100% reserves backing all outstanding tokens. This decision is seen as a prudent risk management measure and a demonstration of their commitment to the well-being of their community.
In an effort to bolster its shareholders, Tether has also initiated a share buyback program, amounting to $115 million, which they consider a positive step towards consolidation.
Tether’s Chief Technology Officer, Paolo Ardoino, expressed immense pride in the latest reserves attestation, emphasizing the company’s dedication to transparency. With a vision for a future based on trust and innovation, Tether’s USDT token in circulation has reached an all-time high this quarter.
Besides issuing the US dollar-pegged stablecoin USDT, Tether also offers stablecoins pegged to the euro (EURT), Chinese yuan (CNHT), Mexican peso (MXNT), and gold (XAUT).
Cryptonic Tech Blog 
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