Tether (USDT), the largest stablecoin in the crypto market with an impressive market cap of $83 billion, has released its highly anticipated second-quarter report for 2023.
The report, which underwent rigorous scrutiny by the independent accounting firm BDO, reaffirmed that the equivalent value of USDT tokens in circulation is fully backed by the company’s treasury as of June 30, 2023.
According to the audited report, Tether’s assets experienced a surplus of $850 million during the second quarter, while the company’s overall surplus reached an astounding $3.3 billion.
Remarkably, Tether has decided not to distribute this profit to shareholders and has made a strategic decision to maintain the USDT equivalent above 100% to ensure its stability and reliability.
The operational profit achieved by Tether between April 2023 and June 2023 was a remarkable $1 billion, reflecting the company’s robust financial performance in the crypto landscape.
Tether’s balance sheet as of June 30, 2023, showcases the strength of its financial position and highlights its commitment to transparency.
The consolidated total assets of the Tether Group amount to at least $86,499,251,218, while the consolidated total liability stands at $83,200,775,340, with $83,178,020,411 related to digital tokens issued.
This means that the company’s consolidated assets comfortably exceed its consolidated liabilities, demonstrating a strong financial footing.
Tether’s reserves are impressively liquid, with 85% of its investments held in cash and cash equivalents. This ensures that Tether can back its circulating USDT tokens with tangible assets, providing users with a stable and reliable stablecoin.
Paolo Ardoino, Tether’s Chief Technology Officer (CTO), emphasized the company’s commitment to transparency and ongoing efforts to enhance it.
He expressed the company’s vision of driving innovation as a global player and setting new industry standards. Tether’s continuous improvement in its reserve certification process reflects its dedication to inspiring other players in the market to embrace transparency and uphold the highest standards.