Tether reported a net operating profit of $1.3B for the second quarter of the year. Part of this profit has been reinvested into strategic projects.
According to the latest quarterly attestation, signed by the auditing firm BDO Italy, the stablecoin issuers Tether International Limited and Tether Limited disclosed asset reserves of $118.4B as of June 30 against liabilities of $113.1B . This indicates that Tether’s stablecoins are backed by excess reserves of $5.3B.
The company stated that its U.S. debt obligations amount to $97.6B, making it the 18th largest holder, comparable to countries like Germany, the United Arab Emirates, and Australia. According to the attestation, the net equity value of Tether Investments is $6.2B.
USDT is a key part of the cryptocurrency market infrastructure for trading and is increasingly in demand in developing countries as a means of accessing U.S. dollars. It is the most popular stablecoin with a market capitalization of $114B, up from $91B this year.
Tether has faced significant scrutiny over the years due to alleged opacity regarding its reserves. Howard Lutnick, Chairman and CEO of the Wall Street investment bank Cantor Fitzgerald, noted that Tether indeed has the funds to back its stablecoins.