In the Q2 2023 report, Tether unveils a remarkable accumulation of Treasury Bills, surpassing the holdings of prominent nations such as the UAE, Australia, and Spain.
Tether, the renowned issuer of USDT, the leading stablecoin globally, has recently unveiled its Q2 2023 report, highlighting the notable allocation of resources towards U.S. Treasury Bills.
In the recently-published Q2 2023 report, Tether revealed an overall exposure of $72.5 billion in U.S. Treasury Bills, surpassing the holdings of various countries such as Australia, Spain, and the UAE.
In April 2023, the U.S. Treasury holdings of three countries, namely the UAE, Australia, and Spain, were recorded at $70.2 billion, $59 billion, and $54.9 billion, respectively.
Regarding large holders of Treasuries, Tether falls behind Germany due to its U.S. Treasury Bills holding. The development was also shared by a renowned cryptocurrency analyst in a recent tweet.
Tether has surpassed the combined holdings of Australia, the UAE, and Spain in terms of U.S. treasuries in a remarkable feat. Operating profits for the quarter reached the impressive milestone of $1 billion. In a similar realm, a prominent asset manager, BlackRock, was nearly $1.6 billion.
— Miles Deutscher (@milesdeutscher) August 2, 2023
Operating Profits for Tether Soar in the Second Quarter
In the second quarter of the year, Tether achieved remarkable operating profits. In Q2 2023, Tether witnessed a noteworthy surge in operating profits, surpassing the $1 billion mark. This notable achievement reflects a substantial 30% growth compared to the previous quarter.
As per Deutscher, the operational profits of Tether in Q2 2023 are comparable to those of BlackRock, a prominent global asset manager.
Additional Notable Accomplishments
In an intriguing turn of events, Tether’s Chief Technology Officer, Paolo Ardoino, has divulged additional noteworthy accomplishments achieved by the organization during the second quarter.
As per Ardoino’s statement, Tether witnessed an impressive surplus reserve of $3.3 billion during the quarter’s culmination. In a recent report, Arduino highlighted that Tether boasts a remarkable surplus of $3.3 billion, surpassing the required reserves by a significant margin to support its token issuance.
This represents an approximate 4% increase in value in addition to the minimum 100% reserves, as stated by the individual.
In the latest disclosure, Tether has unveiled its attestation for the second quarter of 2023 (2023-06-30). In yet another quarter, a substantial outcome has been achieved. The team’s achievements fill me with immense pride.
In the second quarter of 2023, Tether’s operational profits are projected to exceed $1 billion. How? The primary source of profits comprises the interest generated by T-Bills that Tether…
— Paolo Ardoino (@paoloardoino) July 31, 2023
It is worth mentioning that the surplus reserve contributes an additional level of security to all of Tether’s stablecoin offerings.
Tether Will Construct a Facility for Renewable Energy
In addition, it was emphasized by Arduino that Tether intends to allocate a portion of its earnings toward the establishment of renewable energy infrastructure.
It was further mentioned that the organization intends to allocate some of its earnings toward pursuing Bitcoin mining. Tether has already made significant investments in Bitcoin mining.
In May, a particular entity revealed intentions to establish a Bitcoin mining venture in Uruguay. In a matter of days, it became an active participant in the inaugural funding phase of a groundbreaking $1 billion renewable energy endeavor in El Salvador.
Tether’s investment will aid in advancing a colossal Bitcoin mining facility on a global scale.