Tether Holds More U.S. Treasuries Than Australia, UAE, Spain
Tether, the world’s largest stablecoin, reported a 5.7% increase in assets to $86.5 billion in Q2 2023, with operational profits rising 30% to over $1 billion. The company’s strategic investment in U.S. Treasury Bills, totaling $55.8 billion, outperformed even Spain’s holdings. Tether’s operational profits rival those of BlackRock, the world’s largest asset manager.
Tether’s Q2 Bitcoin reserve increased by $70 million, bringing its stacks to $1.67 billion. Despite announcing a 15% Bitcoin investment, the company has only allocated 7% so far. Tether’s excess reserves, totaling $3.3 billion at the end of Q2, demonstrate remarkable financial resilience, holding back a significant portion of profits above the 100% reserve required to back its issued tokens. This decision adds security and resilience to its stablecoin products.
(With inputs from Shikha Singh)
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