Tether has a reserve surplus of $2.44 billion

Tether Holdings Limited released its assurance report for the first quarter of 2023, reaffirming the accuracy of Tether’s Consolidated Reserves Report (CRR). The CRR introduces additional categories to increase transparency in information about Tether reserves, breaking down assets such as physical gold, overnight repos, corporate bonds, and Bitcoin ownership.

During the first quarter of 2023, Tether experienced a significant increase in its excess reserves, reaching an all-time high of $2.44 billion, strengthening customer confidence and generating optimism for the future. In addition, Tether posted a net profit of $1.48 billion and a 20 % increase in the number of tokens in circulation.

With consolidated total assets of $81.8 billion, the majority of Tether’s reserves are invested in US Treasury Bills. The company has also taken steps to reduce its reliance on traditional bank deposits and has opted for the Repo market to ensure additional levels of protection and liquidity.

The asset’s reserves remain highly liquid, with approximately 85 % of investments held in cash, cash equivalents and other short-term deposits. The report highlights a 25 % reduction in collateralized loans and an increase in asset allocation in US Treasury Bills.

K. Tovar

Source: Descifrado

(Reference image source: Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram