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Tether CEO Paolo Ardoino took to Twitter earlier today to share the latest attestation report. As per the report, the majority of the stablecoin firm’s operational profit came from interest on the T-bills it held in the reserves that backed its USDT stablecoin. The USDT issuer’s overall exposure to U.S. T-bills was $72.5 billion as of June 30, 2023.
If Tether was a country, with $72.5 Billion overall t-bill exposure it would be the 22nd largest holder of US treasuries, larger than the UAE, Australia and Mexico and just below Germany, Bermuda and Netherlands.
Excess reserves also reach $3.3 Billion. Congrats @Tether_to team! https://t.co/lhSn6LyKAh
— Gabor Gurbacs (@gaborgurbacs) July 31, 2023
The stablecoin giant also revealed an excess in its reserve amounting to $850 million, which brought its total excess reserves to roughly $3.3 billion at the end of the second quarter. According to the USDT issuer, the excess acted as a counterbalance and ensured more protection for users.
While these excess reserves are part of Tether’s own shareholder equity and normally a company would distribute them as dividends, Tether prefers to keep a big portion of these profits on top of the reserves to make its stablecoins products even more resilient.”
Paolo Ardoino, Chief Technology Officer at Tether Holdings Limited
As per the Consolidated Reserves Report, Tether’s total assets amounted to $86.4 billion as of June 30, 2023. In addition to the revenue, the USDT issuer also disclosed a share buyback of $115 million that was made to consolidate the shareholder group. The profits earned in the second quarter were also used to finance other energy related-ventures.
