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<ul> 
 <li>Tether Holdings Limited’s Q2 of 2023 attestation shed light on its steady growth.</li> 
 <li>Tether’s Excess Reserves rises to $3.3B.</li> 
 <li>The brand’s CTO shares his joy over this news.</li> 
</ul> 
<p><a href="https://tether.to/en/" target="_blank" rel="noopener noreferrer nofollow">Tether Holdings Limited</a>‘s second quarter of 2023 is out. The <a href="https://tether.to/en/tether-excess-reserves-increase-by-850m-to-reach-3-3b-as-leading-stablecoin-reveals-72-5b-overall-exposure-in-us-t-bills-and-unveils-energy-related-investments/" target="_blank" rel="noopener noreferrer nofollow">attestation</a> confirms the accuracy of Tether’s Consolidated Reserves Report (CRR) as of June 30, 2023. In particular, this shows how Tether offers boosts transparency into the brand’s reserves.&nbsp;</p> 
<p>In detail, Paolo Ardoino, Tether’s CTO, shares immense pride in the recent reserves attestation. He stresses the brand’s unwavering commitment to transparency. He stated that transparency is not just a buzz word for Tether but a core philosophy that fosters trust and reliability.&nbsp;</p> 
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   <p lang="en" dir="ltr">Today Tether shares its attestation for Q2/2023 (2023-06-30).<br>Another quarter, another massive result.<br>I'm immensely proud of our team.<br><br>Hightlights<br><br>1. Q2/2023 Tether's operational profits &gt; $1B.<br>How?<br>The main component of the profits are the interests on the T-Bills that Tether… <a href="https://t.co/ycHSDtesld" rel="noopener noreferrer nofollow">https://t.co/ycHSDtesld</a></p>— Paolo Ardoino 
   <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f350.png" alt="🍐" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@paoloardoino) <a href="https://twitter.com/paoloardoino/status/1685993811774738432?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 31, 2023</a> 
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<p>Ardoino adds how <a href="https://cryptonewsland.com/tether-launches-usdt-on-kava/" target="_blank" rel="noopener noreferrer nofollow">Tether aims to set new industry standards</a> and inspire others to follow suit. They hope this will drive innovation and accountability in the global financial ecosystem. One significant revelation in the CRR is Tether’s indirect exposure to US Treasuries held by Money Market Funds and the US Treasuries collateralizing its Overnight Repo.&nbsp;</p> 
<h3 class="wp-block-heading" id="h-tether-raises-the-bar-for-stablecoins">Tether Raises the Bar for Stablecoins</h3> 
<p>Additionally, Tether has <a href="https://cryptonewsland.com/tether-sets-all-time-high-beats-market-cap-of-83-2b/" target="_blank" rel="noopener noreferrer nofollow">boosted its excess reserves</a> by around $850 million. This brings the total excess reserves to around $3.3 billion by the end of Q2. To highlight, these excess reserves are Tether’s own profits. They are kept on top of the 100% reserves backing all outstanding tokens, contributing to the stability of the stablecoin.</p> 
<p>With recent concerns about under collateralization in the banking and crypto industries, Tether’s proactive risk management decisions have fortified its community, retaining almost an additional 4% of assets within its reserves.</p> 
<p>Tether’s operational profits for the second quarter amounted to over $1 billion, marking a significant 30% increase in comparison to the previous quarter. The stablecoin issuer also revealed a share buyback of $115 million, demonstrating its consolidation efforts to strengthen the shareholder group.&nbsp;</p> 
<p>Moreover, Tether invested in energy-related initiatives using the profits from this quarter. This explains the difference between announced profit and the increase in excess reserves. Specifically, Tether’s reserves are highly liquid, with 85% of investments held in cash and cash equivalents.</p> 
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   <p lang="en" dir="ltr">Tether Excess Reserves increase by 850M to reach $3.3B as Leading Stablecoin Reveals $72.5B overall exposure in US T-Bills and Unveils Energy-Related Investments.<br><br>Read more <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f449.png" alt="👉" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/zoEHWMawEM" rel="noopener noreferrer nofollow">https://t.co/zoEHWMawEM</a> <a href="https://t.co/N4vk3EUQnw" rel="noopener noreferrer nofollow">pic.twitter.com/N4vk3EUQnw</a></p>— Tether (@Tether_to) <a href="https://twitter.com/Tether_to/status/1685992813148663808?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 31, 2023</a> 
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<p>Combining the direct and indirect exposures to US Treasury bills, the amount of Treasuries supporting Tether’s stablecoins reaches approximately $72.5 billion. The CRR, supported by the BDO attestation, reaffirms that Tether’s consolidated assets surpass its consolidated liabilities, instilling further confidence in the stablecoin’s financial strength.</p> 
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4> 
<ul class="wp-block-yoast-seo-related-links"> 
 <li><a href="https://cryptonewsland.com/study-btc-mining-most-efficient-anti-greenhouse-solution/" rel="noopener noreferrer nofollow">Study: BTC Mining Most Efficient Anti-Greenhouse Solution</a></li> 
 <li><a href="https://cryptonewsland.com/tether-scrutiny-will-it-be-the-next-luna-and-ftt/" rel="noopener noreferrer nofollow">Tether Scrutiny: Will It Be the Next LUNA and FTT?</a></li> 
 <li><a href="https://cryptonewsland.com/california-missed-700m-in-revenue-last-year-by-not-mining-bitcoin/" rel="noopener noreferrer nofollow">California Missed $700M in Revenue Last Year by Not Mining Bitcoin</a></li> 
 <li><a href="https://cryptonewsland.com/tether-allocates-profits-for-bitcoin-purchases/" rel="noopener noreferrer nofollow">Tether Announces Plans to Dedicate 15% of Profits to Bitcoin Purchases</a></li> 
 <li><a href="https://cryptonewsland.com/tether-being-shorted-by-hedge-funds-ceo-speaks-up/" rel="noopener noreferrer nofollow">Tether Being Shorted by Hedge Funds, CEO Speaks Up</a></li> 
</ul> 
<p>The post <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com/tether-excess-reserves-surge-to-3-38b-big-win-for-usdt/">Tether Excess Reserves Surge to $3.38B, Big Win For USDT</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Tether Excess Reserves Surge to $3.38B, Big Win For USDT

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