Stablecoin USDT issuer Tether published its Q2 2023 attestation report on July 31 and according to the report, Tether recorded an “operational profit” of $1 billion in the second quarter, about a 30% decline from its Q1 profit of $1.48 billion. Although its $1 billion “operational profit” represents a decline from the first quarter, there is a 30% increase in comparison with the Q2 of 2022. Tether also disclosed a share buyback amounting to $115 million and its other investments in energy-related initiatives which are financed by some of the profits from Q2. “The investment in energy-related initiatives is not included in the CRR as these are not considered by Tether as an eligible reserve for the token in circulation, the company clarified. Related Reading: US Presidential Candidate Defends Bitcoin, Calls Out Environmental Critics Tether Sees Increase In Excess Reserves Tether’s excess reserves in the second year of this year increased by $850 million, taking its total excess reserves to around $3.3 billion. These excess reserves are the profits the company doesn’t share as dividends to shareholders. Instead, it holds them to shore up its 100% reserv ..
Support the originator by clicking the read the rest link below.
