Tether presented an updated report on reserves
Date: 2023-08-26 Author: Karina Ziganova Categories: BLOCKCHAIN
USDT stablecoin issuer Tether said it maintains a $3.29 billion liquidity cushion “to ensure ecosystem stability and shareholder confidence.” This is stated in the company's report on reserves.
Tether has consolidated assets of $86.1 billion and liabilities of $82.8 billion. Solana leads the way in pre-authorized issuance with $1.05 billion. Ethereum and Tron are second and third respectively with $617 million and $353 million. respectively.
Other non-USD stablecoins from Tether such as XAUT, EURT, MXNT, MXNT and CNHT do not have the same liquidity pool as USDT.
“Tether and its shareholders allocate capital to reserves, which are reviewed on a quarterly basis. This liquidity cushion exceeds the total market capitalization of Tether tokens (USDT, EURT, CNHT and MXNT) to provide additional stability to the Tether ecosystem and guarantee for our users,” the report says.
At the end of July, Tether reported a net profit of $850 million for the second quarter of 2023. Since August 17, the company has stopped issuing assets in the Kusama, Bitcoin Cash SLP and Omni Layer networks.
