BREAKING: Tether reports $850 million net profit for second quarter in latest attestation report
The Q2 profit brings Tether's excess reserves to around $3.3 billion."As a reminder, excess reserves are the company's own profits — not distributed to shareholders and which the company has decided to keep on top of the 100% reserves that Tether maintains to back all the outstanding tokens," Tether said Monday.
Tether's consolidated total assets amounted to at least around $86.5 billion as of June 30, while its consolidated total liabilities amounted to $83 billion, per the latest report, reflecting excess reserves of over $3 billion — a new all-time high. The excess reserves exceedTether's USDT is the largest stablecoin in the market, with a supply of over 84 billion tokens, according to The Block's Data Dashboard.© 2023 The Block Crypto, Inc. All Rights Reserved.
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