Share this article
Tether Reports $3.3B in Excess Reserves in Q2, Up $850M for the Quarter
The issuer of stablecoin USDT said its operational profits exceeded $1 billion in Q2 this year.
Updated Jul 31, 2023, 4:07 p.m. Published Jul 31, 2023, 4:07 p.m.
Tether, issuer of the USDT stablecoin, held $3.3 billion of reserve assets in excess to back the value of its stablecoins, the firm reported in its Q2 attestation on Monday.
Signed by accounting firm BDO Italy, the attestation disclosed about $72.5 billion of exposure to U.S. Treasuries, including direct T-bill investments, repurchase agreements and deposits in money market funds.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The company's bitcoin (BTC) holdings as of June 30 increased in dollar value to $1.67 billion from $1.5 billion three months earlier, according to the filing, though the number of tokens held was not disclosed.
Tether said its operational profits exceeded $1 billion for the second quarter. In May, the firm reported $1.45 billion in "net profits" in Q1.
Tether is the issuer behind the $83 billion USDT, the largest stablecoin by market capitalization, and some smaller stablecoins. USDT is a key piece of the crypto ecosystem facilitating trading and asset transfers.
Issuing fiat-backed dollar-pegged stablecoins is a lucrative business due to rising U.S. government bond yields, the primary reserve asset for USDT. Tether's reported profits are close those of asset management giant BlackRock – with more than $9 trillion in assets under management (AUM) – which booked operating income of just over $1.6 billion in Q2.
Tether, however, continues to receive a fair amount of scrutiny for its opaque reserve management and lack of independent audits – a deeper financial analysis than attestations.
Read more: Reviewing the Tether Documents
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Pye Finance Raises $5M Seed Round Led by Variant and Coinbase Ventures
The platform aims to make locked Solana staking positions tradable via an onchain marketplace.
What to know:
- Pye Finance raised a $5 million seed round led by Variant and Coinbase Ventures, with participation from Solana Labs, Nascent and Gemini.
- The startup is building an onchain marketplace on Solana for time-locked staking positions that can be traded.
- Pye says the product targets Solana’s large pool of staked SOL, worth roughly $75 billion, and aims to give validators and stakers more flexibility over terms and reward flows.
Top Stories
