Tether's Q1 2023 Report Reveals Net Profit of Nearly $1.5 Billion
Tether (USDT) has emerged as the preferred stablecoin amidst banking turmoil in the United States. Its market cap has increased by nearly 25% since the beginning of the year. The stablecoin issuer recorded a net profit of nearly $1.5 billion in the first quarter of 2023, according to its latest attestation report.
Takeaways:
Tether’s 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 Q1 with $81.8 billion in consolidated total assets, while its consolidated total liabilities stood near $79.4 billion.
Tether’s reserves included additional categories such as bitcoin, physical gold, overnight repo, and corporate bond allocations.
The stablecoin issuer is doubling down its focus on limiting its reliance on pure bank deposits as a source of liquidity and “instead leverages the Repo market as an additional measure to ensure higher standards of protection for its users by maintaining the required liquidity.”
Tether's Bitcoin holdings were recorded to be $1.5 billion, while that of precious metals accounted for $3.3 billion.
Conclusion:
Tether's Q1 2023 report highlights the stablecoin's continued growth and success. The stablecoin issuer's focus on maintaining high standards of protection for its users by diversifying its reserves is a positive move in the crypto industry. With the current banking turmoil in the United States, Tether's stablecoin continues to emerge as a reliable and secure option for investors.
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