Tether Makes $1.5 Billion in Profit in Q1 2023, Holds 2% of Bitcoin in Total Reserves

Amid the banking turmoil in the United States, Tether (USDT) emerged as the stablecoin of choice.

The resurgence was evident in its latest verification report, which revealed that the stablecoin issuer posted a net profit of nearly $1.5 billion in the first quarter of 2023.

• according to official statementTether excess reserves reached an all-time high of $2.44 billion in Q1, compared to $960 million at the end of Q4 2022.
• The stablecoin ended the first quarter of the year with $81.8 billion in consolidated total assets, while its consolidated total liabilities stood at $79.4 billion.
• Tether’s reserves include additional categories such as bitcoin, physical gold, overnight repos, and corporate bond allocations. Its bitcoin holdings were recorded at $1.5 billion, while the precious metals were worth $3.3 billion.
• 85% of the stablecoin issuer’s investments are being held in cash, cash equivalents and other short-term deposits. Gold and bitcoin represent approximately 4% and 2% of total reserves, respectively.
• Tether said it is doubling down on its focus on limiting its reliance on pure bank deposits as a source of liquidity and “instead taking an additional step to ensure high standards of security for its users by maintaining essential liquidity.” leverages the repo market as a remedy.”
• Commenting on the quarterly profit, Tether CTO Paolo Ardoino said,

“We are thrilled with the tremendous success Tether has achieved in Q1 2023. Looking ahead to Q2, we have an extremely positive outlook and remain committed to transparency, which is why we have updated the reserve breakdown in our quarterly report. categories. Provide even more transparency to our users.”

Amid the banking turmoil in the United States, Tether (USDT) emerged as the stablecoin of choice.

The resurgence was evident in its latest verification report, which revealed that the stablecoin issuer posted a net profit of nearly $1.5 billion in the first quarter of 2023.

• according to official statementTether excess reserves reached an all-time high of $2.44 billion in Q1, compared to $960 million at the end of Q4 2022.
• The stablecoin ended the first quarter of the year with $81.8 billion in consolidated total assets, while its consolidated total liabilities stood at $79.4 billion.
• Tether’s reserves include additional categories such as bitcoin, physical gold, overnight repos, and corporate bond allocations. Its bitcoin holdings were recorded at $1.5 billion, while the precious metals were worth $3.3 billion.
• 85% of the stablecoin issuer’s investments are being held in cash, cash equivalents and other short-term deposits. Gold and bitcoin represent approximately 4% and 2% of total reserves, respectively.
• Tether said it is doubling down on its focus on limiting its reliance on pure bank deposits as a source of liquidity and “instead taking an additional step to ensure high standards of security for its users by maintaining essential liquidity.” leverages the repo market as a remedy.”
• Commenting on the quarterly profit, Tether CTO Paolo Ardoino said,

“We are thrilled with the tremendous success Tether has achieved in Q1 2023. Looking ahead to Q2, we have an extremely positive outlook and remain committed to transparency, which is why we have updated the reserve breakdown in our quarterly report. categories. Provide even more transparency to our users.”