Tether’s Net Profit Plunges 50%, Market Cap Aims for $84B

• Tether (USDT) has posted a net profit of $850 million in the second quarter of 2023.
• This brings its total excess reserves to an impressive $3.3 billion at the end of Q2, which is 43% less than the previous quarter’s net profit of $1.5 billion.
• Tether’s consolidated total assets reached approximately $86.5 billion, while its consolidated total liabilities stood at $83 billion.

Tether Reports Impressive Net Profit For The Second Quarter Of 2023

Tether (USDT) continues to reign supreme among stablecoins, posting an impressive net profit of $850 million in the second quarter of 2023, according to a recent blog post. This remarkable financial milestone has sent its market capitalization toward $84 billion, further strengthening its position as the king of stablecoins.

Tether’s Net Profit Falls By Nearly 50%

Tether Holdings Limited has released its Q2 2023 assurance opinion, conducted by BDO, one of the top five global independent public accounting firms. This attestation reaffirms the accuracy of Tether’s Consolidated Reserves Report (CRR), providing a detailed breakdown of the Group’s assets as of June 30, 2023. For the first time, it discloses Tether’s indirect exposure to US Treasuries through Money Market Funds, as well as its exposure to US Treasuries collateralizing its Overnight Repo. In line with Tether’s ongoing commitment to transparency, the report also reveals an increase in its excess reserves by approximately $850 million. This brings Tether’s total excess reserves to an impressive $3.3 billion at the end of Q2 and is nearly 43% less than the previous quarter’s net profit of $1.5 billion..

Tether’s Assets And Liabilities

As of June 30th , Tether’s consolidated total assets reached an impressive figure of approximately $86.5 billion whereas its consolidated total liabilities stood at around 83 Billion dollars .This data reveals that Tether’s excess reserves have surpassed 3 Billion dollars , setting a new record high .This figure notably exceeds tether’s Q1 excess reserves , which were reported at 2 point 44 Billion Dollars .

Tethet Aims For A New Milestone

With this new financial milestone , Tethet aims for a market cap that goes beyond 84 Billion Dollars and sustain it’s position as being one amongst most dominant Stablecoin in current market .

Conclusion

Though there was a marginal decrease in overall profits from previosu quarters , but overall tethet seems quite promising when it comes down on efficient management & growth .The company continues to remain committed for transparent & sustainable growth towards their vision and goals .