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Tether's Excess Reserves Reach $3.3 Billion, Holds $72.5 Billion in US Treasury Bills

Tether’s Excess Reserves Reach $3.3 Billion, Holds $72.5 Billion in US Treasury Bills

Tether has released its latest reserves attestation, revealing that its excess reserves have increased to $3.3 billion.

The attestation, conducted by accounting firm BDO, shows an $850 million increase in Tether’s excess reserves for the second quarter of 2023.

This report also marks the first time that Tether has disclosed its indirect exposure to United States Treasuries held by Money Market Funds and U.S. Treasuries collateralizing its overnight repo. The total amount of Treasuries backing Tether’s stablecoins is approximately $72.5 billion.

Tether has been allocating company profits to build up excess reserves following the collapse of FTX and other cryptocurrency lending firms. These excess reserves do not include the 100% reserves that Tether maintains to redeem circulating USDT tokens.

Tether’s operation profits for Q2 2023 were estimated at $1 billion, a 30% increase from Q1 2023. The report also states that 85% of Tether’s reserves are held in liquid investments of cash or cash equivalents.

Tether’s outstanding liabilities in relation to circulating USDT tokens are estimated at $83.17 billion.

The company plans to carry out a $115 million share buyback to strengthen its group, and profits from the second quarter have been directed towards other investments in energy-related initiatives.

It is worth noting that Tether’s attestation report does not include its investment in El Salvador’s renewable energy project.

Overall, Tether’s latest reserves attestation highlights its increasing treasury reserve holdings and provides transparency regarding its exposure to United States Treasuries.

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