Tether releases USDT Q2 reserve report: Excess reserves reach 3.3 billion Thai baht, with U.S. Treasury bonds accounting for 72.5 billion U.S. dollars

USDT reaches a new all-time high in circulation in 2023, as issuer Tether releases the latest auditor's attestation today, showing a significant increase in additional reserves for Tether Q2, with Q2 performance exceeding $1 billion, outperforming the previous quarter. At the same time, the reserves now include U.S. Treasury bonds totaling $72.5 billion.

5th Largest Accounting Firm BDO Confirms Tether's Finances: Excess Reserves Reach $3.3 Billion

The stablecoin USDT issuer Tether announced today, on 7/31, that the 2023 second-quarter assurance opinion issued by BDO, one of the top five global accounting firms, is different from an audit.

This report is used to confirm the accuracy of Tether's Consolidated Reserves Report (CRR), detailing the total value of Tether's assets as of June 30, 2023. It also discloses Tether's indirect exposure to U.S. Treasury bonds through money market funds and its exposure to U.S. Treasury bonds through overnight repo agreements.

Tether increased its excess reserves by over $850 million in Q2, bringing the total excess reserves to $3.3 billion at the end of the quarter.

Tether Strengthens Risk Management: 4% of Assets Held as Reserve

Tether stated that to prevent insolvency, it holds an additional 4% of its assets in reserve. Additionally, Tether's operating profit in Q2 2023 exceeded $1 billion, a 30% increase from the previous quarter, and it conducted $115 million in share buybacks to further strengthen its shareholder base.

Tether Reserves: U.S. Treasury Bonds Reach $72.5 Billion

Tether's reserves consist mainly of cash and cash equivalents, accounting for 85%. The USDT collateralized assets supported by U.S. Treasury bonds reached approximately $72.5 billion. According to the CRR and BDO's independent assurance opinion, Tether's total asset value exceeds its total liabilities.

Tether CTO Paolo Ardoino stated: "USDT's exposure to U.S. Treasury bonds has surpassed the UAE."

Tether announced that as of June 30, 2023, the group's total assets were $864,992,512,218, total liabilities were $832,007,753,340, with liabilities related to digital token issuance at $831,780,204,411.

Tether Will Continue to Invest in Bitcoin Mining

Tether previously stated that it will invest a portion of its profits, relative to its less profitable portion, in building renewable energy production facilities and Bitcoin mining.