Tether Smashes Records, $1.48 Billion Profit In Q1- Surplus Over Reserves Hits All-Time High
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Tether Holdings Limited, the issuer of the world’s largest stablecoin, USDT, has published its Q1 2023 Assurance Report, attested to by BDO Italia, a top five-ranked global independent public accounting firm. The report re-affirms the accuracy of Tether’s Consolidated Reserves Report (CRR), which details the assets held by the group as of March 31, 2023. The CRR includes additional categories for the first time, including physical gold, overnight repo, corporate bonds, and Bitcoin ownership, which aim to increase transparency into Tether’s reserves reporting. Furthermore, the report reveals an increase in Tether’s excess reserves, reaching an all-time high of $2.44 billion,
Tether, the company managing the reserves of the world’s largest stablecoin USDT, has announced a new investment strategy aimed at strengthening its reserves portfolio. Tether will now allocate up to 15% of its net realized operating profits toward purchasing Bitcoin (BTC) regularly. This move is expected to diversify Tether’s reserves,…
Tether (USDT), the world’s largest stablecoin by market capitalization, was one of the dollar-pegged cryptocurrencies to have been affected by the collapse of the Terra ecosystem. Now – a year later, the stablecoin has reclaimed its stable dollar peg and boasts one of the deepest reserves in the cryptocurrency industry.…
Tether’s substantial Bitcoin holdings and compliance with emerging U.S. stablecoin regulations have drawn the attention of financial analysts. Recent disclosures indicate that the stablecoin issuer holds approximately 83,759 BTC, valued at over $8.02 billion. This amount represents 0.4% of Bitcoin’s total supply. Meanwhile, latest analysis by JPMorgan has noted that…