Tether increases excess reserves to $3.3B, while disclosing it has $72B of exposure to U.S. Treasury Bills.
Ardoino said that industry players that have undercollateralized assets or operations have created weak points in the wider cryptocurrency ecosystem, which has driven its decision to allocate shareholder profits to building a large excess reserve.
Tether tipped its operation profits at $1 billion from April to June 2023, accounting for a 30% increase from Q1 2023. The improved quarterly performance also reflects a general surge across the cryptocurrency markets that was driven by the recent consolidation of Bitcoin around the $30,000 mark. The Q2 report also discloses that Tether’s shareholders will carry out a $115 million share buyback to “strength” its group. Profits from the second quarter have also been directed to “other investments in energy-related initiatives”.
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