USDT stablecoin issuer Tether Limited recorded a net profit in April-June 2023 in the amount of $850 million.
In the first quarter, the figure was $1.48 billion.
The reliability of the data specified in the document was confirmed by the BDO auditor.
The resulting profit replenished the equity capital of the company.
As of June 30, the company’s assets reached $86.5 billion, liabilities – $83.2 billion, equity – $3.33 billion (~4% of assets). The last figure three months earlier was $2.44 billion.
“Excess reserves (equity) are the company’s own profits that are not distributed to shareholders. They serve as an addition to the 100% reserves of all issued tokens.” – the press release says.
According to the report, 85% of USDT collateral is in cash and cash equivalents. The company invested $72.5 billion in US Treasury securities.
Recall that in May, the CTO of the company, Paolo Ardoino, said that the high profitability of Tether makes it possible to consider new business areas.
Following it, it became known that the stablecoin issuer invested $1 billion in a bitcoin mining project in El Salvador.
Subscribe to ForkLog on social networks
Found a mistake in the text? Select it and press CTRL+ENTER
ForkLog Newsletters: Keep your finger on the pulse of the bitcoin industry!
2023-07-31 15:01:56
#Tether #Reports #850M #Net #Income
