Tether Holdings Limited, issuer of USDT, has released its assurance opinion for Q2 of 2023, completed by BDO, a top five-ranked global independent public accounting firm. The report reaffirms the accuracy of Tether’s Consolidated Reserves Report (CRR) as of June 30, 2023, and provides new insights into the company’s financial standing and investment strategies.
Tether’s excess reserves have increased by approximately $850 million, reaching a total of $3.3 billion at the end of Q2. Excess reserves are the company’s profits that are not distributed to shareholders and are kept on top of the 100% reserves that Tether maintains to back all outstanding tokens.
The CRR reveals Tether’s indirect exposure to US Treasuries, including those held by Money Market Funds and those collateralizing its Overnight Repo. The total amount of Treasuries backing Tether’s stablecoins is about $72.5 billion.
Tether’s operational profits for April to June…
