TechFlow News, Tether has released the assurance opinion for the second quarter of 2023, completed by independent accounting firm BDO, and detailed its asset holdings as of June 30, 2023. Tether disclosed that its excess reserves increased by approximately $850 million, reaching around $3.3 billion in total excess reserves by the end of Q2.
Tether's excess reserves consist of the company's own profits, which are not distributed to shareholders but retained by the company above the 100% backing it maintains to support all outstanding tokens. Additionally, from April 2023 to June 2023, Tether generated over $1 billion in operating profit, a 30% increase compared to the previous quarter. Tether's overall exposure to U.S. Treasury bills (US T-Bills) is approximately $72.5 billion.
As of June 30, 2023, Tether’s consolidated total assets were at least $86,499,251,218, while its total consolidated liabilities amounted to $83,200,775,340, of which $83,178,020,411 was related to issued digital tokens, meaning consolidated assets exceed consolidated liabilities.
