Tether Posts Second Quarter Net Profit of $850M
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Tether Limited, the issuer of USDT, the largest stablecoin on the market, recorded net profits of $850 million in April-June 2023, while in the first quarter of the year, the figure stood at $1.48 billion.

It should be noted that the reliability of the data specified in the document has been confirmed by the auditor BDO.

As of June 30, the company's assets amounted to $86.5 billion, liabilities to $83.2 billion, while its equity stood at $3.33 billion or about 4% of assets. Equity for the previous quarter stood at $2.44 billion.

According to the press release:

"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."

According to the report, 85% of USDT's collateral is in cash and cash equivalents. The company has previously invested $72.5 billion in US Treasury securities.

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