Tether’s Reserves Soar to Record $86.5B, Building Trust for Stablecoin & Crypto

• Tether reported that it increased its excess reserves by $850 million in Q2, thus bringing its total excess reserves to about $3.3 billion.
• Tether had a total of $86.499 billion in assets by the end of the second quarter which exceeds its liabilities.
• The company saw a surge in trading volume of stablecoins such as USDT, EURT, CNHT, XAULT and MXNT amid mainstream cryptocurrency adoption.

Tether Reports Record Reserves

Tether Limited Inc., sister digital asset company to Bitfinex crypto exchange, released its second-quarter results on July 31st with an operational profit of more than $1 billion and an increase of 30 percent quarter over quarter. This resulted in Tether increasing their excess reserves by around $850 million bringing their total excess reserves to approximately $3.3 billion by the end of the second quarter.

Total Assets Surpass Total Liabilities

Tether announced that their collection of stablecoins – including USD₮, EUR₮, CNH₮, XAU₮ and MXN₮ – have significantly increased in trading volume amidst mainstream cryptocurrency adoption with USDT having the largest daily traded volume at$15.4 billion followed closely by Bitcoin at$13.1 billion as per latest crypto price oracles. As per BDO’s compiled financial statements for Q2 2023, Tether’s assets exceed their liabilities with United States Treasury Bills totaling to about$55.8 billion along with overnight reserve purchase agreements totaling to around$8.89 billion and money market funds amounting to approximately$8.1billion among other cash and cash equivalent totaling to about $73.56billion . Other notable assets included corporate bonds amounting to around $115million , precious metals totaling up to about$3.27billion , Bitcoins worth approximately$1.67billion , secured loans amounting up to around$5.5billion , and other investments totaling up to approximately$2.36billion . In conclusion Tether had a total of 86.$499billion in assets by the end of Q2 2023 surpassing their total liabilities

Transparency Reassured

In assurance of transparency towards users who currently use or are considering using Tether’s services, they have released their financial statements for public review during Q2 2023 showing an increase in both profits as well as excess reserves further strengthening trust within the Crypto sphere for not only Tether but also Stablecoin usage overall

Crypto Adoption On The Rise

The surge seen in trading volume is attributed mainly due to mainstream cryptocurrency adoption which has seen these Stablecoins become increasingly popular as a means for payment processing due to elimination from any geographical limitation present for fiat currencies while also providing stability within volatile markets such as Cryptocurrency exchanges where prices can fluctuate drastically within seconds

Conclusion

From Controversy To Confidence: Tether’s Reserves Roar To A Record Of 86.$499 Billion Building More Trust For The Stablecoin And Crypto Sphere Overall reassuring users who are using or considering using it services that this platform is reliable and trustworthy