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HomeCrypto NewsMarketReport: Tether Now Holds More US Treasury Bills Than UAE, Australia, and Spain

Report: Tether Now Holds More US Treasury Bills Than UAE, Australia, and Spain


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 The Q2 2023 report from Tether shows that the company holds more Treasury Bills than the UAE, Australia, and Spain. 

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Tether, the issuer of USDT, the world’s largest stablecoin, has released its Q2 2023 report, showing the company’s significant investment in US Treasury Bills. 

In its recently-published Q2 2023 report, Tether disclosed a $72.5 billion overall exposure in US Treasury Bills, outpacing the holdings of Australia, Spain, and the UAE. 

As of April 2023, the US Treasury holdings of the UAE, Australia, and Spain sat at $70.2 billion, $59 billion, and $54.9 billion, respectively.  

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However, Tether’s US Treasury Bills holding puts it behind Germany in terms of large holders of Treasuries. The development was also shared by prominent cryptocurrency analyst Miles Deutscher in a tweet today.

Tether’s Operating Profits Soar in Q2

Notably, Tether recorded outstanding operating profits in the year’s second quarter. Tether’s operating profits spiked to more than $1 billion in Q2 2023, representing a 30% increase quarter over quarter. 

According to Deutscher, Tether’s operational profits for Q2 2023 rival those of BlackRock, the world’s largest asset manager. 

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Other Significant Feats 

Interestingly, Tether’s CTO Paolo Ardoino also shared other significant feats recorded by the company in Q2. 

According to Ardoino, Tether saw an excess reserve of $3.3 billion at the end of the quarter. Ardoino noted that Tether has $3.3 billion more than the 100% reserves necessary to back its issued tokens. 

“This accounts for almost 4% additional value on top of the minimum 100% reserves,” he added. 

It is worth noting that the excess reserve adds an extra layer of security to all of Tether’s stablecoin products. 

Tether to Build Renewable Energy Facility

Furthermore, Ardoino reiterated that Tether would be investing a portion of its profit in building a renewable energy facility. 

He also stated that the company will also be investing some of its profit in Bitcoin mining. Tether has already made significant investments in Bitcoin mining. 

In May, the company announced plans to set up a Bitcoin mining operation in Uruguay. A few days later, it participated in the first investment round of a $1 billion renewable energy initiative in El Salvador.  

Tether’s investment will contribute to the development of the world’s largest Bitcoin mining farm in the country. 

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

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