TETHER HAS MASSIVE PROFITS IN Q1 2023

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The company behind the USDT stablecoin, Tether.to, posted massive ๐๐Ÿ ๐Ÿ๐ŸŽ๐Ÿ๐Ÿ‘ ๐ฉ๐ซ๐จ๐Ÿ๐ข๐ญ๐ฌ ๐จ๐Ÿ $๐Ÿ.๐Ÿ’๐Ÿ– ๐๐ข๐ฅ๐ฅ๐ข๐จ๐ง.

The companyโ€™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 ๐”๐’ ๐“๐ซ๐ž๐š๐ฌ๐ฎ๐ซ๐ฒ ๐๐ข๐ฅ๐ฅ๐ฌ. 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/

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Mark Kalin

Achiever, Competition, Futuristic, Maximizer, Significance

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