Tether's Second Quarter Excess Reserves Jump to $5.33 Billion, Holds 800,000 BTC

IconCryptoNewsTerminal Staff01 Aug, 2024

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Tether's Second Quarter Excess Reserves Jump to $5.33 Billion, Holds 800,000 BTC

Tether (USDT), the largest stablecoin issuer, has reported impressive financial results for the second quarter of 2023. According to CEO Paolo Ardoino, Tether's net profit reached $1.3 billion, while its excess reserves surged to $5.33 billion. Tether's holdings in US Treasuries currently stand at $97.5 billion, reflecting the company's commitment to backing its tokens with stable and reliable assets. Notably, Tether also holds approximately 800,000 BTC, underscoring its significant exposure to the cryptocurrency market. This financial strength and transparency are crucial for maintaining trust and confidence in the stablecoin ecosystem. Tether's substantial reserves and prudent investment strategies provide assurance to users that their assets are well-protected and backed by real-world assets.

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