Tether Bought 1529 BTC in Q2, Holds More US Treasuries Than Australia

Tether Excess Reserves increased by 850M to reach $3.3B as it revealed $72.5B overall exposure in US T-Bills. The company also increased its Bitcoin holdings to more than 54000 BTC.

Tether Bought 1529 BTC in Q2, Holds More US Treasuries Than Australia
  • "Tether, the company behind the world’s most popular stablecoin USDT, acquired 1,529 bitcoin in the second quarter of 2023," Paolo Ardoino, the company's CTO confirmed to Bitcoin Magazine.
  • "According to the executive, Tether paid roughly $45.4 million to add the BTC to its balance sheet."
  • "Tether announced in May that it would start allocating up to 15% of quarterly profits to bitcoin, a move that could challenge popular bitcoin bull Michael Saylor, executive chairman of software intelligence firm MicroStrategy."
  • "MicroStrategy currently holds 152,800 BTC, while Tether owns over 54,000 BTC with the Q2 buy," per Bitcoin Magazine.
  • In its latest attestation report, Tether said it had a net profit of $850 million in the second quarter. The Q2 profit brings Tether's excess reserves to around $3.3 billion.
  • Tether’s operational profit for Q2 stood at over $1 billion, a 30% increase quarter over quarter.
  • "In its Q2 report, Tether has disclosed its indirect exposure to U.S. Treasuries and its exposure to the U.S. Treasuries that are collateralizing its overnight repo for the first time. By aggregating them together, the amount of  Treasuries backing Tether’s stablecoins is about $72.5 billion, the company said."
  • Commenting on these numbers, The Breakdown's Nathaniel Whittemore had this to say:
"That puts it above Australia but behind Germany in terms of large holders of Treasuries. The firm also says it notched up over $1B in operating profits for the quarter, putting it in the same ballpark as Blackrock in terms of profitability. Is Tether now a systemically important global institution?"
  • A list of major foreign holders of the US Treasury securities can be found here.

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