Tether reports $850 million net profit for second quarter in latest attestation report
Published 1 minute earlier on
Quick Take
- Tether said it had a net profit of $850 million in the second quarter in its latest attestation report.
- The profit is below $1.5 billion it declared in the first quarter.
Stablecoin issuer Tether said it had a net profit of $850 million in the second quarter, less than $1.5 billion it reported in the previous period, according to its latest attestation report. The Q2 profit brings Tether's excess reserves to around $3.3 billion. "As a reminder, 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," Tether said Monday. Tether's consolidated total assets amounted to at least around $86.5 billion as of June 30, while its consolidated total liabilities amounted to $83 billion, per the latest report, reflecting excess reserves of over $3 billion — a new all-time high. The excess reserves are higher than Tether's Q1 numbers of $2.44 billion. Tether's USDT is the largest stablecoin in the market, with a supply of over 84 billion tokens, according to The Block's Data Dashboard. This is a breaking story and will be updated. © 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
USDT total supply