Tether, the largest stablecoin with a market cap of $83 billion, has released its 2023 second quarter report.
In the report, which was audited and approved by the independent accounting firm BDO, it was once again stated that as of June 30, 2023, the equivalent of USDTs in the market is in the company's treasury.
According to the report, company assets gave a surplus of $ 850 million in the second quarter, while company assets gave a surplus of $ 3.3 billion. Tether stated that it will not distribute this profit to shareholders and has decided to keep the USDTs equivalent above 100%.
Tether's operational profit between April 2023 and June 2023 was announced as $1 billion.
“Company Management as of 30 June 2023 is as follows:
The consolidated total assets of the group amount to at least $86,499,251,218.
The consolidated total liability of the Group is USD 83,200,775,340, of which USD 83.178,020,411 is related to digital tokens issued.
The Group's consolidated assets exceed its consolidated liabilities.
Tether's reserves are extremely liquid, with 85% of its investments held in cash and cash equivalents.”
Speaking about the balance sheet, Tether CTO Paolo Ardoino stated that transparency is important to them and they continue to work to strengthen it.
“Our long-term goal has always been to push the boundaries of technology and imagination to drive innovation as a global player. By continually improving our reserve certification process, we aim to set new standards in the industry and inspire others to follow the same path.”