Tether Holdings, a stablecoin operator, has withdrawn over $4.5 billion from banks in the first quarter of 2023, resulting in a significant reduction in counterparty risk. Despite shedding over 90% of its bank deposits, Tether's market capitalization grew from $66 billion to over $82 billion in the same period. Tether has also increased its United States Treasury bills to over $53 billion, or 64% of its reserves, and revealed holdings of gold and Bitcoin for the first time. The company has been striving to improve its financial indicators and has taken steps to highlight its successes.