Stablecoin Tether's reserves hit record US$86.5 billion in Q2

LONDON: The world's largest stablecoin, Tether, said on Monday its assets rose 5.7 per cent to US$86.5 billion in the second quarter of 2023, while it made more than US$1 billion"operational profit", a 30 per cent increase on the previous quarter.

Tether's reserves report, signed off by accountants BDO Italia, says Tether's assets rose to US$86.5 billion in the three months to Jun 30, 2023, up 5.7 per cent from the previous quarter and a record high, according to previous reports on its website. US regulators have warned banks that stablecoin reserves could be subject to rapid outflows, for example if holders rushed to exchange such tokens back into traditional currency.

Tether also counts US$115 million of corporate bonds, US$3.3 billion of precious metals, US$1.7 billion worth of bitcoin, US$5.5 billion of secured loans and US$2.4 billion of unspecified"other investments" in its holdings.

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Stablecoin Tether's reserves hit record $86.5 billion in Q2LONDON : The world's largest stablecoin, Tether, said on Monday its assets rose 5.7 per cent to $86.5 billion in the second quarter of 2023, while it made more than $1 billion 'operational profit', a 30 per cent increase on the previous quarter.Stablecoins are a type of cryptocurrency which aim to keep a
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