Breaking new grounds in fiscal stability, Tether, the world’s largest stablecoin issuer, has just revealed its awe-inspiring achievements for the second quarter of this year.
Despite the unpredictability and turbulence of the global financial landscape, Tether proudly reports a staggering $3.3 billion in excess reserves—a remarkable surge of $850 million within just three months.
Source: Flickr
Tether Holdings Limited made public the assurance opinion for the second quarter of 2023 that BDO, a top-five global independent public accounting firm, had prepared.
Such incredible growth not only places Tether at the forefront of the stablecoin market but also showcases its unwavering commitment to providing a secure and trustworthy digital currency.
“Surplus reserves are the company’s own profits that are not given to shareholders and that the company has chosen to keep in addition to the 100% reserves that Tether maintains to support all of the outstanding tokens.” Tether states in their Q2 2023 attestation report.
Tether once again demonstrates the significance of making the right risk management decisions and showing concern for its community by keeping nearly an additional 4% of assets within its reserves.
“Today Tether shares its attestation for Q2/2023 (2023-06-30).
Another quarter, another massive result.
I’m immensely proud of our team.
I am incredibly happy with our most recent reserves attestation, reiterating our unwavering commitment to openness.”
Tether CTO Paolo Ardoino stated.
This is especially important in light of the recent banking and cryptocurrency industry issues, with players frequently being severely undercollateralized and bringing weakness to the entire system.
“As we proceed, we will continue to be committed to upholding accountability, improving risk management and security, and setting a positive example. We want to create a future where every member of the global financial ecosystem can securely navigate a space founded on trust and innovation by placing a strong emphasis on openness. Because of this, Tether’s USD token circulation this quarter increased over its previous record high.”
Tether stated.
Tether acknowledges indirect exposure to US Treasuries:
Tether initially revealed its indirect exposure to U.S. Treasuries in its Q2 report, as well as its exposure to the U.S. Treasuries that are collateralizing their overnight repo. The total amount of Treasuries backing Tether’s stablecoins, according to the business, is around $72.5 billion.
Source: Flickr
Also The U.S. government’s bonds are usually regarded as safe and extremely liquid. Debt from other less developed economies carries a larger chance of default and is therefore riskier.
