Tether issued its 2023 Second Quarter attestation report, revealing a net profit of $850M and over $1B of operational profits. 

Tether Excess Reserves Reach $3.3B Despite a Dip in the Quarterly Net Profit

On Monday, July 31, the top stablecoin issuer Tether Holdings Limited issued its new quarterly attestation report. The assurance opinion for Q2 of 2023 was completed by BDO, a global independent accounting firm. The attestation re-affirms the accuracy of Tether’s Consolidated Reserves Report (CRR), providing a detailed breakdown of the Group’s assets as of June 30, 2023.

According to the report, a surplus of $850 million in net profit brought the company’s total excess reserves to the all-time-high of $3.3 billion at the end of Q2. However, the increase itself is almost twice lower compared to the previous quarter’s net profit which was reported to be around $1.5 billion. 

Tether reminded that its excess reserves are the company’s own profits and not distributed to shareholders. These reserves are kept in addition to the 100% reserves that “Tether maintains to back all the outstanding tokens”.

It was also revealed that during the period of April 2023 to June 2023, Tether’s operational profits exceeded $1B, showing once again a 30% growth. Meanwhile, the company’s share buyback amounted to 115M USD, the sum aimed at strengthening the shareholder group. As for Tether’s reserves, they continue to be extremely liquid, with around 85% of investments held in cash or cash equivalents.

Both Tether’s CRR and the BDO attestation confirm that Tether’s consolidated assets once more surpass its consolidated liabilities. The Management of the Company reported that as of June 30, 2023:

• “The Group’s consolidated total assets amount to at least US$ 86,499,251,218.

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Author: Olga Krasilnikova

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