Record Profits, Reserve Surpluses, and USD₮ at All-Time Highs: A Look at Tether's Q1 Attestation
Tether recently released its Q1 2023 attestation report showing record profits and reserve surpluses. Tether's profits of $1.48 billion were added to its reserves, which reached a record high of $2.44 billion. Tether has also significantly reduced its secured loans and bank deposits while increasing its holdings of U.S. Treasuries and overnight repo facilities. These moves demonstrate Tether's commitment to providing a stable and reliable stablecoin backed by high-quality liquid collateral. Tether's growing profits and reserves have allowed it to process large redemptions effortlessly, positioning it favorably compared to traditional financial institutions.
Tether Reduces Bank Deposits and Adds Gold and Bitcoin to Reserves While US Government Plans Crackdown on Crypto Exchanges
Tether, a stablecoin issuer, reduced its bank deposits from $5.3 billion to $481 million in Q1 to mitigate the risk of bank failures. The company also diversified its asset reserves by adding gold and bitcoin, which account for 4% and 1.8% of its total reserves, respectively. The US government is reportedly planning to crack down on crypto exchanges. Meanwhile, Lido Finance has staked over 6.2 million ETH, and the next bullish catalyst for Bitcoin is said to be the realized price getting above Long Term Holder RP. CZ, the CEO of Binance, has unfollowed Elon Musk on social media, causing speculation in the crypto community. Lastly, JPMorgan and financial regulators have accused Gary Gensler of jurisdictional overreach and disrupting well-functioning markets.
Tether Holdings Pulls Over $4.5 Billion Out of Banks in Q1 2023, Reduces Counterparty Risk
Tether Holdings, a stablecoin operator, has withdrawn over $4.5 billion from banks in the first quarter of 2023, resulting in a significant reduction in counterparty risk.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.
Former SEC Attorney and Tether's CTO Engage in Heated Debate Over Company's Financial Statements and Regulatory Framework
Former Securities and Exchange Commission enforcement attorney John Reed engaged in a heated Twitter discussion with Tether's CTO, Paolo Ardoino, over Reed's criticism of the company's opaque financial statements and lack of regulatory framework. Despite Tether's latest attestation report, Reed remained skeptical and called for proper auditing. Ardoino defended Tether, stating that the company works closely with authorities and serves unbanked individuals in emerging markets. The discussion ended with Reed expressing concern for anyone using Tether and referencing the company's massive first quarter profits.
Former SEC Member Accuses Tether of Counterfeiting and Lack of Transparency
John Reed Stark, a former SEC member and experienced lawyer, has raised serious concerns about the legitimacy of Tether, a popular cryptocurrency. Stark has accused Tether of being a "counterfeiter" and criticized the lack of transparency in the operations of Bitfinex, the company responsible for Tether. He has emphasized that Tether falls short of embodying the fundamental characteristics of a legitimate currency and lacks any true resemblance to the US dollar. Stark's comments have sparked a debate about the credibility of Tether and the need for enhanced regulation and oversight in the cryptocurrency industry.
Tether’s Market Cap Inches Towards All-Time High as Competitors Struggle With Redemptions
Despite several U.S. dollar-pegged digital tokens experiencing notable redemptions in recent months, the largest stablecoin by market valuation, tether, is on the verge of achieving its highest-ever market capitalization. With a current value of $82.84 billion, tether is a mere $433 million shy of reaching its all-time high (ATH) set on May 8, 2022.
Tether Holdings Limited Publishes Q1 2023 Assurance Report, Reveals Increase in Excess Reserves and Net Profit Surpassing BlackRock
Tether Holdings Limited, the issuer of the world's largest stablecoin, USDT, has released its Q1 2023 Assurance Report, which has been attested to by BDO Italia, a top five-ranked global independent public accounting firm. The report confirms the accuracy of Tether's Consolidated Reserves Report (CRR), which details the assets held by the group as of March 31, 2023. The report reveals an increase in Tether's excess reserves, reaching an all-time high of $2.44 billion, up from $1.48 billion in the previous quarter. Tether's success in Q1 2023 is evident, with its reserves' surplus reaching an all-time high of $2.44 billion and net profits for the quarter of $1.48 billion.
Tether's Reserves Reach All-Time High of $2.44 Billion in Q1 2023 Amid Crypto Market Recovery
Tether Holding Limited, a stablecoin issuer, has reported an increase in its reserves, reaching an all-time high of $2.44 billion in the first quarter of 2023. This increase was likely due to the overall recovery of the crypto market during this time period.
Tether's Latest Q1 2023 Assurance Report Shows Reserves Surplus At All-Time High of $2.44B, up $1.48B in Net Profit; New Categories for Additional Transparency Reveals Bitcoin and Gold Allocations
Tether Holdings Limited has published its assurance opinion for Q1 of 2023, which re-affirms the accuracy of Tether's Consolidated Reserves Report (CRR).
Tether Reports $1.5 Billion Net Profit in Q1 2023 and Reveals Bitcoin and Gold Allocations
Tether, the stablecoin issuer, has reported a net profit of $1.5 billion for Q1, more than double the previous period, according to its attestation report. The company's consolidated total assets were at least $81.8 billion as of May 9, with consolidated total liabilities of $79.4 billion, resulting in excess reserves of at least $2.44 billion, an all-time high. Tether has also included additional categories in its reserves reporting for the first time, including bitcoin, physical gold, overnight repo, and corporate bond allocations. The company holds $1.5 billion worth of bitcoin and $3.3 billion worth of precious metals.
