Dear clients,
Assets of the world’s largest stablecoin, Tether, rose 5.7% to $86.5 billion in the second quarter of 2023, with „operating income“ of more than $1 billion, up 30% from the previous quarter, it said on Monday. Tether claims to have $83.8 billion of its coins in circulation, making it the third-largest cryptocurrency overall, according to market tracker CoinGecko.
A Tether reserves report signed by auditors BDO Italia said Tether’s assets rose to $86.5 billion in the three months to 30 June 2023, up 5.7% from the previous quarter and a record high, according to previous reports on the company’s website.
Tether is a key instrument in global digital asset trading, with many cryptocurrency transactions denominated in the stablecoin. Tether’s treasury holdings reached $55.8 billion, up 5.2% from the end of March, while other countries‘ treasury holdings rose to $62.9 million, up more than 30% from the previous quarter, the report said.
Tether also has $115 million in corporate bonds, $3.3 billion in precious metals, $1.7 billion in bitcoin, $5.5 billion in secured loans and $2.4 billion in „other investments.“
In addition to the audit report, Tether said on its website that its operating profit from April to June was more than $1 billion, which it said represented a 30% quarterly growth, without specifying how it was calculated.
