In a recent assurance report, Tether, the world's largest stablecoin issuer, revealed its substantial excess reserves, totaling over $3.3 billion as of June 30.
This surplus is the result of profits generated by the issuer's existing reserves, solely dedicated to backing its USDT tokens, which are designed to maintain a 1:1 parity with the US dollar.
The company's commitment to transparency is evident in its disclosure of direct and indirect exposure to US Treasury bills and Treasuries collateralizing the Overnight Repo.
When aggregated together, the amount of Treasuries supporting Tether's stablecoins reaches about $72.5 billion.
During Q1, Tether saw a net profit of $1.5 billion, followed by over $1 billion between April and June.
Of the Q2 profit, $115 million was allocated to share buybacks, while the remaining funds bolstered the company's excess reserves.
As of June 30, Tether's consolidated total assets stood at $86.5 billion, with liabilities at $83.2 billion, of which $83.17 billion relates to digital tokens issued.
This surplus of nearly 4% refutes previous concerns about the firm's solvency.
Tether's Chief Technical Officer, Paolo Ardoino, emphasized the importance of the stablecoin's reliable reserves, acting as a "counterbalance" to recent bank failures linked to fractional reserve lending and duration mismatches.
While Tether initially disclosed holding 2% of its reserves in Bitcoin (BTC) during Q1, its latest report did not provide updates on the company's Bitcoin allocation.
However, Ardoino clarified that a relatively small portion of Tether's profits are invested in the Bitcoin mining industry.
The bulk of Tether's assets, 85% to be exact, are in "cash and cash equivalents," ensuring the reserves remain highly liquid.
This financial strength is a critical aspect of Tether's approach to safeguarding its stablecoin against economic challenges.
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