Tether Excess Reserves Increased to $3.3 Billion

Tether Holdings published its Q2 attestation from accounting firm BDO, highlighting an $850 million increase in its excess reserves, which takes its total to $3.3 billion.

Tether tipped its operational profits at $1 billion from April to June 2023, accounting for a 30% increase from Q1 2023.

The 2023 Q2 report also notes that 85% of Tether’s reserves are held in “liquid” investments of cash or cash equivalents. Tether’s latest reserve attestation estimates its total assets at $86.4 billion. Tether’s outstanding liabilities in relation to circulating USDT tokens are estimated at $83.17 billion.

The Q2 report also discloses that Tether’s shareholders will carry out a $115 million share buyback to “strengthen” its group. Profits from the second quarter have also been directed to “other investments in energy-related initiatives.”