Tether reported $850 million in excess reserves for Q2 2023

The company's operating profit exceeded $1 billion, a 30% increase from the first quarter of this year

Tether, the issuer of Tether USD (USDT), the largest capitalization stablecoin by capitalization, reported excess reserves of $850 million for the second quarter of 2023 and an increase to $3.3 billion.

Tether's consolidated assets totaled $86.4 billion and consolidated liabilities totaled $83.2 billion for the period.

The company's operating profit exceeded $1 billion for the period from April to June 2023, the growth of the indicator amounted to 30% compared to the previous quarter.

In May, Tether reported net income of $1.5 billion for the first quarter of 2023.

Forbes magazine named four owners of Tether as dollar billionaires. According to the publication's estimates, if the company is sold, its four owners will be able to gain a total of $9 billion.

Tether Limited was registered in 2014 in Hong Kong. The token gives crypto market participants the opportunity to use a stable digital asset - a stablecoin - whose rate is linked to the US dollar exchange rate and is not as volatile as other cryptocurrencies.