The company behind the USDT stablecoin, Tether.to, posted massive 𝐐𝟏 𝟐𝟎𝟐𝟑 𝐩𝐫𝐨𝐟𝐢𝐭𝐬 𝐨𝐟 $𝟏.𝟒𝟖 𝐁𝐢𝐥𝐥𝐢𝐨𝐧.
The company’s 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 𝐔𝐒 𝐓𝐫𝐞𝐚𝐬𝐮𝐫𝐲 𝐁𝐢𝐥𝐥𝐬. 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/