- Tether reported that its consolidated total assets including precious metals, Bitcoin, and investments outpaced its liabilities by the end of 2023 Q2.
- The company increased its excess reserves by $850 million in Q2, thus bringing its total excess reserves to about $3.3 billion.
In a bid to reaffirm its market dominance and reassure transparency to users, Tether Limited Inc., a sister digital asset company to Bitfinex crypto exchange, released its second-quarter results on July 31. During the second quarter that ended in June, Tether announced an operational profit of more than $1 billion, which reciprocated to a spike of 30 percent quarter over quarter. As a result, Tether announced that it increased its excess reserves by about $850 million, hence bringing its total excess reserves to approximately $3.3 billion by the end of the second quarter.
Notably, Tether announced that its collection of stablecoins — including USD₮, EUR₮, CNH₮, XAU₮, MXN₮ — have significantly increased in trading volume amid mainstream cryptocurrency adoption. According to the latest crypto price oracles,…
