The reigning champion among stablecoins, Tether (USDT), has just achieved a record high with its latest milestone: a net profit of $850 million in the second quarter of 2023. This impressive figure generated a vast surge in Tether’s market capitalization, which now stands at approximately $84 billion, further increasing its standing as the ‘king’ stablecoin. To reassure investors of its accuracy, Tether Holdings Limited has recently debuted a Q2 assurance opinion – a report published by renowned independent public accounting firm BDO. The account attests to confer Tether’s Consolidated Reserves Report (CRR). Along with providing a complete details of Tether’s resources on June 30th, the study fresh-revealed USDT’s indirect exposure to US Treasuries via Money Market Funds, as well as its exposure to US Treasuries as backing for it Overnight Repo.
This clear step is part of Tether’s wanted momentum toward streamlined transparency; it also underpins an evident rise with Tether’s extra reserves by tremendous amount of $849 million, total that Tether necessitates hanging for all its tokens it publishes. An essential note – these high figures make-up Tether’s own profits, ones that don’t -repeat- don’t go to its shareholders.
Recently sought out InforTheBlock de-declared USDT’s market cap swiftily reached high $84Z inches, showcasing a 3X magnification from approximately $66 billion initial rates in the year first timers. The ascendant corporation is noteworthy of competitors aiming at attracting customers in the new high-end decentralized finances niche, most preferred of all its primary challenging rival USD Coin (USDC)— a powerful second entrant reigning atles close BT the KingT&C.
Meanwhile, USDT’s Consolidated Total Assets saw a fantastic-arousal to an estimated figure of $86.5 billion in June; its Consolidated Total Liabilities were reported shortly after around $83 billion. Some points to remember: Annually Tether collects approx. $3 billion cumulative money as its prevailing excess savings; the company envisaged making profits exceeding $1 billion (~30% more than the preceding quarter) in the period of march- June.
