Tether Holdings Limited, the company behind the USDT stablecoin, saw its reserve assets held in excess rise to $3.3 billion in Q2, 2023. This was according to an attestation report for the quarter released on Monday by accounting firm BDO. The report also showed operational profits of over $1 billion for the quarter, a 30% increase QoQ.

As of 30 June 2023, Tether’s consolidated total assets were $86,499,251,218, while consolidated total liabilities stood at $83,200,775,340. Of this, $83,178,020,411 was related to the digital tokens it has issued. Total US Treasuries backing USDT by end of Q2 was $72.5 billion.

Commenting on the report, Tether CTO Paolo Ardoino said, “I am immensely proud of our most recent reserves attestation, reaffirming our unwavering commitment to transparency. 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.”