{"id":545238,"date":"2023-07-31T17:00:27","date_gmt":"2023-07-31T17:00:27","guid":{"rendered":"https:\/\/shenyangcang.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:\/\/shenyangcang.com\/news\/tether-reports-30-decline-in-profit\/","title":{"rendered":"USDT Issuer Tether Reports A 30% Decline In Profit"},"content":{"rendered":"

Stablecoin USDT issuer<\/a> Tether published its Q2 2023 attestation <\/span>report<\/span><\/a> 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

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

\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

Related Reading: US Presidential Candidate Defends Bitcoin, Calls Out Environmental Critics<\/a><\/div>\n

Tether Sees Increase In Excess Reserves<\/h2>\n

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<\/a> and maintaining the token\u2019s stability.\u00a0<\/span><\/p>\n

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

\"Tetherr<\/p>\n

USDT market cap at $83.8 billion | Source: Market Cap USDT on Tradingview.com<\/a><\/pre>\n
Remaining Committed To Transparency<\/h2>\n
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
As part of the report, Tether\u2019s CTO stated:<\/span><\/p>\n
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
Related Reading: Is It A Good Idea To Buy Curve Now? Here\u2019s What This Founder Thinks<\/a><\/div>\n
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<\/a>).<\/span><\/p>\n
The 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>CoinMarketCap<\/span><\/a>.<\/span><\/p>\n
Featured image from CryptoSlate, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
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":"\nUSDT 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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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/shenyangcang.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"USDT Issuer Tether Reports A 30% Decline In Profit","url":"http:\/\/shenyangcang.com\/news\/tether-reports-30-decline-in-profit\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/shenyangcang.com\/news\/tether-reports-30-decline-in-profit\/"},"thumbnailUrl":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/07\/Tether-USDT.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/07\/Tether-USDT.png?fit=600%2C315"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["stablecoin","tether","tether profits","tether reserves","usdt"],"dateCreated":"2023-07-31T17:00:27Z","datePublished":"2023-07-31T17:00:27Z","dateModified":"2024-06-11T08:06:39Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"USDT Issuer Tether Reports A 30% Decline In Profit\",\"url\":\"http:\\\/\\\/shenyangcang.com\\\/news\\\/tether-reports-30-decline-in-profit\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/shenyangcang.com\\\/news\\\/tether-reports-30-decline-in-profit\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/Tether-USDT.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/Tether-USDT.png?fit=600%2C315\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"stablecoin\",\"tether\",\"tether profits\",\"tether reserves\",\"usdt\"],\"dateCreated\":\"2023-07-31T17:00:27Z\",\"datePublished\":\"2023-07-31T17:00:27Z\",\"dateModified\":\"2024-06-11T08:06:39Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/shenyangcang.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/07\/Tether-USDT.png?fit=600%2C315","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/545238"}],"collection":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/comments?post=545238"}],"version-history":[{"count":0,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/545238\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media\/545243"}],"wp:attachment":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media?parent=545238"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/categories?post=545238"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/tags?post=545238"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}