Tether's Q1 2023 Consolidated Reserves Report Confirms All-Time High Surplus of $2.44B

Tether's Q1 2023 Consolidated Reserves Report Confirms All-Time High Surplus of $2.44B

Takeaways:

• Tether Holdings Limited's assurance opinion for Q1 of 2023 re-affirms the accuracy of its Consolidated Reserves Report (CRR) with increased transparency into its reserves reporting.
• Tether's excess of reserves reached an all-time high of $2.44B, with a net profit of $1.48B for the first quarter of 2023.
• The majority of Tether's reserves are invested in US Treasury Bills, and it has taken steps to reduce reliance on pure bank deposits as a source of liquidity.
• Tether's reserves remain extremely liquid, with the majority of investments held in cash, cash equivalents, and other short-term deposits.
• Tether's consolidated assets once again exceed its consolidated liabilities.

Tether Holdings Limited has announced the publication of its Consolidated Reserves Report (CRR) for Q1 of 2023. The report, which breaks down the assets held by the group as of March 31, 2023, has been attested by BDO Italia, a top five-ranked global independent public accounting firm.

Increased Transparency:

The CRR provides increased transparency into Tether's reserves reporting by breaking down its assets into separate categories, including physical gold, Overnight Repo, Corporate Bonds, and Bitcoin ownership. Tether closed the first quarter of 2023 with $81.8B in consolidated total assets, with the majority of its reserves invested in US Treasury Bills.

Surplus Reaches All-Time High:

Tether's excess reserves reached an all-time high of $2.44B, up $1.48B for the first quarter of 2023. The increase in the token in circulation of 20% is a clear indicator of the trust of Tether's customers, allowing the company to remain optimistic for the future.

Reducing Reliance on Bank Deposits:

Tether has been working to reduce its reliance on pure bank deposits as a source of liquidity and has leveraged the Repo market as an additional measure to ensure higher standards of protection for its users by maintaining the required liquidity.

High Liquidity:

Tether's reserves remain extremely liquid, with the majority of its investments being held in cash, cash equivalents, and other short-term deposits (approximately 85%). Gold and Bitcoin represent approximately 4% and 2% of the total reserves, respectively. All new issuance of tokens have been invested in US Treasury bills or placed in overnight Repo.

Conclusion:

Tether's Q1 2023 Consolidated Reserves Report attested by BDO Italia confirms an all-time high surplus of $2.44B and increased transparency into its reserves reporting. The company's commitment to reducing reliance on bank deposits and maintaining high liquidity demonstrates its ongoing efforts to protect its users' funds. Tether's surplus exceeding its liabilities once again reflects its strength and stability in the market.

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