Tether Limited, a USDT stablecoin issuer, reported a net profit of $850 million for April-June 2023.
In the first quarter the figure amounted to $1.48 billion.
The reliability of the data specified in the document was confirmed by the auditor BDO.
The received profit replenished the company’s equity capital.
As of June 30, the company’s assets reached $86.5 billion, liabilities – $83.2 billion, shareholders’ equity – $3.33 billion (~4% of assets). The last figure three months earlier was $2.44 bln.
“Excess reserves (shareholders’ equity) are a company’s own earnings that are not distributed to shareholders. They serve as an addition to the 100% reserves of all tokens issued,” the press release said.
According to the report, 85% of USDT’s collateral is cash and cash equivalents. The company invested $72.5 billion in U.S. Treasury securities