Tether Releases Quarterly Reserve Certificate, Direct U.S. Treasury Holdings Exceed $53b

Tether released its quarterly reserve certification, with USDT issuance growing from $66 billion to over $82 billion, with secured loans decreasing from 8.7% to 6.5% of Tether's reserves, and Tether's direct holdings of U.S. Treasuries reaching an all-time high of over $53 billion, or over 64% of total reserves, with Treasuries together with cash and cash equivalents accounting for nearly 85% of total reserves. Other reserves in categories such as overnight repos, term repos, money market funds, cash and bank deposits reached an all-time high of nearly 85%. Tether also reduced its bank deposits from $5.3 billion to $48.1 billion in the first quarter to reduce Tether's exposure to counterparty risk. 

In previous news, Tether completed an audit by independent accounting firm BDO Italia and reported a net profit of $1.48 billion for the first quarter of 2023, more than double the year-over-year figure, bringing its excess reserves to $2.44 billion, well above the $960 million reported in the fourth quarter of 2022. #BTC