Tether Holdings Limited has released its assurance opinion for Q2 of 2023, validated by BDO, a globally recognized independent public accounting firm. The attestation gives weight to the Consolidated Reserves Report (CRR), detailing Tether’s assets as of June 30, 2023, and signifying another solid step towards transparency.
Notably, the CRR reveals an increase in Tether’s excess reserves of about $850 million, taking the total to roughly $3.3 billion at the end of Q2. This adds to the stability of Tether, a welcome move in the current industry climate marked by often heavily undercollateralized players.
Tether’s impressive operational profits for April to June 2023 exceeded $1 billion, a significant 30% hike from the previous quarter. Moreover, a share buyback worth 115 million USD has been made, and investments in energy-related initiatives have been financed from this quarter’s profits.
A standout feature of the report is Tether’s high liquidity, with 85% of investments held in cash and equivalents. In a move that goes beyond mere compliance, Tether has also disclosed its indirect exposure to US Treasuries, amounting to about $72.5 billion. The CRR and BDO’s independent attestation confirm that Tether’s consolidated assets once again surpass its consolidated liabilities, with total assets amounting to at least $86.5 billion, and total liabilities amounting to $83.2 billion.
Paolo Ardoino, CTO of Tether, expressed immense pride in the reserves attestation, stating, “Transparency is not just a buzzword for us; it is the cornerstone of our philosophy. […] By continuously improving our reserves attestation process, we aim to set new standards in the industry and inspire others to follow suit.” He emphasized the company’s commitment to driving innovation, accountability, and transparency, particularly in a year marked by challenges in the banking and crypto industry.
Tether’s latest report serves as a strong statement of financial stability and a demonstration of the importance of responsible risk management, reinforcing the company’s position as a leader in the industry.
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