Four Tether Executives Are Now Crypto Billionaires As Stablecoin Issuer Fetches $9,000,000,000 Valuation: Forbes

The four executives behind the biggest stablecoin in the world are reportedly worth over $1 billion each now that the market cap of Tether (USDT) is at an all-time high. Despite a long bear market for digital assets, the British Virgin Islands-based company posted a profit of $1.

Timeline of Tether

Tether Holdings Limited published its assurance opinion for Q2 of 2023, highlighting a $850 million rise in excess reserves to reach $3.3 billion. The report shows that Tether has been adding on its treasury reserved holding for USDT tokens.

Stablecoin USDT issuer Tether published its Q2 2023 attestation report on July 31 and according to the report, Tether recorded an “operational profit” of $1 billion in the second quarter, about a 30% decline from its Q1 profit of $1.48 billion. Although its $1 billion “operational profit” represents a decline from the first quarter, there is a 30% increase in comparison with the Q2 of 2022.

In his recent "ask me anything" session, Changpeng "CZ" Zhao, CEO of the world's largest exchange Binance (BNB), shared his concerns about the segments of centralized and algorithmic stablecoins and indicated possible ways of mitigating these risks for his firm.

Tether issued its 2023 Second Quarter attestation report, revealing a net profit of $850M and over $1B of operational profits. Tether Excess Reserves Reach $3.3B Despite a Dip in the Quarterly Net Profit On Monday, July 31, the top stablecoin issuer Tether Holdings Limited issued its new quarterly attestation report.

Crypto News: Changpeng Zhao or ‘CZ', the chief executive officer of crypto exchange Binance, on Monday announced plans to list more stablecoins on its platform. In addition to the recent listing of new stablecoin First Digital USD (FDUSD) on July 26, 2023 on the exchange, the platform is set to add another US Dollar based

Tether Holdings Limited, the issuer of stablecoin USDT, released its consolidated reserves report for the second quarter of 2023 on Monday, showing consolidated assets of at least US$86.5 billion against total liabilities of US$83.2 billion. Tether reported an increase of approximately US$850 million in its excess reserves, totaling around US$3.3 billion as of June 30, the close of the quarter.

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

Tether USDT has seen its market cap value reach new highs in the month of July. According to a report by on-chain analytics company Into The Block, the world's largest stablecoin is steadily approaching the key $84 billion mark.

USDT's marketcap has been on an upward trajectory this year and recently crossed an important level. However, the reason why its marketcap growth is so noteworthy now is because it surpassed its previous all-time high.

In a groundbreaking decision, the Singapore Supreme Court officially recognized USDT as a form of fiduciary property. Singapore Court Recognizes USDT as Property The landmark case involved Seychelles-based exchange Bybit and Ho Kai Xin, a former contractor whose actions are at the center of the legal dispute.