The company behind the USDT stablecoin, Tether.to, posted massive ๐๐ ๐๐๐๐ ๐ฉ๐ซ๐จ๐๐ข๐ญ๐ฌ ๐จ๐ $๐.๐๐ ๐๐ข๐ฅ๐ฅ๐ข๐จ๐ง.
The companyโs Assurance Report shows Reserves Surplus at an all-time high of $2.44B, up $1.48B in net profit. New categories for additional transparency include #Bitcoin and #Gold allocations.
Tether closed the first quarter of 2023 with $81.8B in consolidated total assets. Most of its reserves are invested in ๐๐ ๐๐ซ๐๐๐ฌ๐ฎ๐ซ๐ฒ ๐๐ข๐ฅ๐ฅ๐ฌ. It has also been working to take steps to reduce its reliance on pure bank deposits as a source of liquidity and instead leverage the Repo market as an additional measure to ensure higher standards of protection for its users by maintaining the required liquidity.
Tether’s reserves remain extremely liquid, with most of its investments being held in cash, cash equivalents, and other short-term deposits (approximately 85%).
Link to the report: https://tether.to/en/tethers-latest-q1-2023-assurance-report-shows-reserves-surplus-at-all-time-high-of-244b-up-148b-in-net-profit-new-categories-for-additional-transparency-reveals-bitcoin-and-gold-allocations/
