Tether, the issuer of the largest stablecoin by capitalization, Tether USD (USDT), reported excess reserves of $850 million for the second quarter of 2023 and an increase to $3.3 billion.

Tether’s consolidated assets for the period amounted to $86.4 billion, consolidated liabilities — $83.2 billion.

The company’s operating profit exceeded $1 billion for the period from April to June 2023, an increase of 30% compared to the previous quarter.

In May, Tether reported a net profit of $1.5 billion for the first quarter of 2023.