Tether, the leading stablecoin with a market capitalization of $83 billion, has disclosed its financial performance for the second quarter of 2023. The report, audited by independent accounting firm BDO, confirms that the company’s treasury holds the equivalent value of all USDTs in circulation as of June 30, 2023.

The report reveals that the company’s assets exceeded its liabilities by $850 million in Q2, bringing the total surplus to $3.3 billion. Tether has decided not to distribute this profit to shareholders, opting instead to maintain a reserve exceeding 100% of the value of all outstanding USDT tokens.

Tether’s operational profit for the period from April to June 2023 was reported to be $1 billion. The company’s consolidated total assets as of June 30, 2023, were at least $86.5 billion, while its consolidated total liabilities were $83 billion. This indicates an excess reserve of over $3 billion, marking a new all-time high.

Tether CTO Paolo Ardoino emphasized the importance of transparency to the company and their ongoing efforts to enhance it. He stated that their long-term goal is to drive innovation as a global player by continuously improving their reserve certification process, setting new industry standards, and inspiring others to follow suit.