The issuer of the stablecoin USDT, Tether Limited, for the April–June 2023 period recorded net profit in the amount of $850 million.
In the first quarter, the figure stood at $1.48 billion.
The accuracy of the data disclosed in the document has been confirmed by auditor BDO.
The profit boosted the company’s equity.
As of June 30, the company’s assets stood at $86.5 billion, liabilities at $83.2 billion, and equity at $3.33 billion (about 4% of assets). The latter figure was $2.44 billion three months earlier.
‘Excess reserves (equity) are the company’s retained earnings that are not distributed to shareholders. They serve as a complement to the 100% reserves of all issued tokens,’ the press release said.
According to the report, 85% of USDT collateral consists of cash and cash equivalents. The company invested $72.5 billion in U.S. Treasury securities.
Earlier in May, Paolo Ardoino, the company’s CTO, said that high profitability gives Tether the opportunity to consider new lines of business.
Subsequently, the stablecoin issuer invested $1 billion in a Bitcoin mining project in El Salvador.