{"id":545238,"date":"2023-07-31T17:00:27","date_gmt":"2023-07-31T17:00:27","guid":{"rendered":"https:\/\/ktsl888.com\/?p=545238"},"modified":"2024-06-11T08:06:39","modified_gmt":"2024-06-11T08:06:39","slug":"tether-reports-30-decline-in-profit","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/tether-reports-30-decline-in-profit\/","title":{"rendered":"USDT Issuer Tether Reports A 30% Decline In Profit"},"content":{"rendered":"<p><span style=\"font-weight: 400\"><a href=\"https:\/\/ktsl888.com\/stablecoin\/1-billion-usdt-issuance\/?swcfpc=1\">Stablecoin USDT issuer<\/a> Tether published its Q2 2023 attestation <\/span><a href=\"https:\/\/tether.to\/en\/tether-excess-reserves-increase-by-850m-to-reach-3-3b-as-leading-stablecoin-reveals-72-5b-overall-exposure-in-us-t-bills-and-unveils-energy-related-investments\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">report<\/span><\/a><span style=\"font-weight: 400\"> on July 31 and according to the report, Tether recorded an \u201coperational profit\u201d of $1 billion in the second quarter, about a 30% decline from its Q1 profit of $1.48 billion.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Although its $1 billion \u201coperational profit\u201d 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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cThe 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.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/us-presidential-candidate-defends-bitcoin\/?swcfpc=1\">US Presidential Candidate Defends Bitcoin, Calls Out Environmental Critics<\/a><\/div>\n<h2>Tether Sees Increase In Excess Reserves<\/h2>\n<p><span style=\"font-weight: 400\">Tether\u2019s 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\u2019t share as dividends to shareholders. Instead, it holds them to shore up its 100% reserves used in backing all <a href=\"https:\/\/ktsl888.com\/news\/tether-shuffles-the-deck-750-million-usdt-shifted-from-tron-to-ethereum\/?swcfpc=1\">USDT in circulation<\/a> and maintaining the token\u2019s stability.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The company has explained that keeping an additional 4% of its assets within its reserves is one of its risk management decisions as it aims to protect customers\u2019 funds. It believes this move is necessary and one that other players should emulate, as under-collateralization, brings weakness to the whole system.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/fhotPPiq\/\" alt=\"Tetherr (USDT) market cap chart from Tradingview.com\" width=\"2884\" height=\"1746\"><\/p>\n<pre style=\"text-align: center\">USDT market cap at $83.8 billion | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">Market Cap USDT on Tradingview.com<\/a><\/pre>\n<h2>Remaining Committed To Transparency<\/h2>\n<p><span style=\"font-weight: 400\">In 2021, Tether agreed to release quarterly reports on its reserves for two years as part of its settlement with the authorities. However, the company continues to release these reports as part of its commitment to transparency despite fulfilling its agreement with the authorities earlier this year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">As part of the report, Tether\u2019s CTO stated:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">Transparency is not just a buzzword for us; it is the cornerstone of our philosophy. We believe that open communication and strong financials foster trust and reliability, and this is what the global community deserves especially in a year devastated by many failures across the banking and crypto industry.<\/span><\/p><\/blockquote>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/defi\/is-it-a-good-idea-to-buy-curve-now\/?swcfpc=1\">Is It A Good Idea To Buy Curve Now? Here\u2019s What This Founder Thinks<\/a><\/div>\n<p><span style=\"font-weight: 400\">Tether has faced criticisms in the past, especially concerning its reserves and whether or not the USDT tokens in circulation were 100% backed. However, despite those allegations, USDT has continued to maintain its peg to the US dollar (<a href=\"https:\/\/ktsl888.com\/news\/tether-usdt-de-pegs-as-crypto-market-stumbles\/?swcfpc=1\">re-pegging very quickly every time it dropped below a dollar<\/a>).<\/span><\/p>\n<p><span style=\"font-weight: 400\">The <a href=\"https:\/\/ktsl888.com\/stablecoin\/tether-usdt-market-cap-reaches-new-peak-edges-toward-84-billion-mark\/?swcfpc=1\">USDT token also remains the largest stablecoin<\/a> with a market cap of $83.8 billion, with its closest rival, Circle\u2019s USDC, boasting a market cap of $26 billion according to data from <\/span><a href=\"https:\/\/coinmarketcap.com\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Featured image from CryptoSlate, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Stablecoin USDT issuer Tether published its Q2 2023 attestation report on July 31 and according to the report, Tether recorded an \u201coperational profit\u201d of $1 billion in the second quarter, about a 30% decline from its Q1 profit of $1.48 billion. Although its $1 billion \u201coperational profit\u201d 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.\u00a0 \u201cThe 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\u2019s 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\u2019t share as dividends to shareholders. Instead, it holds them to shore up its 100% reserves used in backing all USDT in circulation and maintaining the token\u2019s stability.\u00a0 The company has explained that keeping an additional 4% of its assets within its reserves is one of its risk management decisions as it aims to protect customers\u2019 funds. It believes this move is necessary and one that other players should emulate, as under-collateralization, brings weakness to the whole system. USDT market cap at $83.8 billion | Source: Market Cap USDT on Tradingview.com Remaining Committed To Transparency In 2021, Tether agreed to release quarterly reports on its reserves for two years as part of its settlement with the authorities. However, the company continues to release these reports as part of its commitment to transparency despite fulfilling its agreement with the authorities earlier this year.\u00a0 As part of the report, Tether\u2019s CTO stated: Transparency is not just a buzzword for us; it is the cornerstone of our philosophy. We believe that open communication and strong financials foster trust and reliability, and this is what the global community deserves especially in a year devastated by many failures across the banking and crypto industry. Related Reading: Is It A Good Idea To Buy Curve Now? Here\u2019s What This Founder Thinks Tether has faced criticisms in the past, especially concerning its reserves and whether or not the USDT tokens in circulation were 100% backed. However, despite those allegations, USDT has continued to maintain its peg to the US dollar (re-pegging very quickly every time it dropped below a dollar). The USDT token also remains the largest stablecoin with a market cap of $83.8 billion, with its closest rival, Circle\u2019s USDC, boasting a market cap of $26 billion according to data from CoinMarketCap. Featured image from CryptoSlate, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":545243,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[11164,4100,88745,88744,10263],"class_list":["post-545238","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-stablecoin","tag-tether","tag-tether-profits","tag-tether-reserves","tag-usdt"],"acf":[],"yoast_head":"\n<title>USDT Issuer Tether Reports A 30% Decline In Profit<\/title>\n<meta name=\"description\" content=\"Stablecoin USDT issuer Tether published its Q2 2023 attestation report on July 31 and according to the report, Tether recorded an \u201coperational profit\u201d of\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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