Stablecoin issuer Tether’s consolidated reserves report for the second quarter of 2023 shows that the company has around $3.3 billion in excess reserves, while profits increased 30% from last quarter to over $1 billion.
The report, which was attested by accounting firm BDO, noted that the excess reserves now amount to almost 4% of the total assets held as backing for all Tether tokens in circulation….
Read More: Tether’s Q2 Results: $3.3 Billion in Excess Reserves, Surpassing $1 Billion in Operational Profits