Tether Report: Bitcoin Reserves Increased by $170 Million

Author: admin, CRYPTO NEWS BTC; Compiler: Songxue, Jinse Finance

** Stablecoin issuer Tether's (USDT) Q2 certification shows that its Bitcoin (BTC) reserves have increased significantly by more than $170 million, from $1.5 billion in Q1 to $1.67 billion. **

The rise is in line with the company's goal of strengthening and diversifying its reserves by purchasing bitcoin. In May, Tether revealed that it intends to use 15% of the operating income realized by its network to buy bitcoin.

In stark contrast, ** the company's precious metals, especially gold, fell in its reserves, falling to $3.27 billion from $3.39 billion in the first quarter. **

Tether Extra Reserves Rebound to $3.3 Billion

Tether reported an $850 million increase in its additional reserves to $3.3 billion, up from the $2.44 billion recorded in the first quarter, according to the quarterly proof.

** The agency stated that its additional reserve is income it chooses not to distribute to shareholders, held alongside a 100% reserve in issued USDT tokens. **

Tether added that between April and June 2023, its operating income increased by $1 billion, a 30% month-on-month increase.

This revenue highlights USDT’s dominance in the stablecoin market. It is understood that the circulation of the asset is approaching a record high of 84 billion US dollars.

Tether reserves are extremely liquid

Tether also claims that its reserves are extremely liquid, as 85% of all its investments are in currencies and currency equivalents.

It added that its direct and indirect promotion to U.S. Treasuries accounted for $72.5 billion of its foreign exchange reserves.

In addition, Tether used $850 million of quarterly revenue as additional reserves, using the remaining funds for $115 million in share repurchases and investing in energy-related projects. However, the company said it did not include power investments in its consolidated reserves report.

In total, stablecoin issuers have total liabilities of $83.17 billion, all representing the tokens they issue, while all their assets are worth at least $86.49 billion.