Tether, the leading stablecoin, attains unprecedented success with its assets skyrocketing to $86.5 billion in Q2 2023, accompanied by a remarkable operational profit of over $1 billion, representing a significant 30% quarterly surge.
31 July 2023 – Tether, the world’s largest stablecoin, reported a significant increase in its assets, reaching $86.5 billion in the second quarter of 2023. The company also disclosed making over $1 billion in operational profit, representing a 30% surge compared to the previous quarter.
Stablecoins like Tether are cryptocurrencies designed to maintain a constant value, typically backed by traditional assets such as the U.S. dollar. According to market tracker CoinGecko, Tether’s circulation stands at $83.8 billion, making it the third-largest cryptocurrency globally.
Tether’s reserves report, validated by accountants BDO Italia, revealed a 5.7% rise in assets during the three months leading up to June 30, 2023, reaching a record high. The company’s holdings include U.S. Treasury Bills, non-U.S. Treasury Bills, corporate bonds, precious metals, bitcoin, secured loans, and unspecified “other investments.”
As a pivotal player in the digital asset trading sphere, Tether plays a significant role in facilitating crypto-to-crypto trades, primarily denominated in its stablecoin.
However, U.S. regulators have raised concerns about potential rapid outflows of stablecoin reserves if holders were to exchange the tokens back into traditional currencies.
Tether’s adherence to transparency includes providing quarterly reports on its reserves, as stipulated by a 2021 settlement with the New York Attorney General’s office. The company has fulfilled this requirement ahead of schedule, demonstrating its commitment to openness and accountability. – source: Reuters
