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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Tether Smashes Records, $1.48 Billion Profit In Q1- Surplus Over Reserves Hits All-Time High

Ronaldo Marquez
Ronaldo Marquez
2 years ago
3 mins read
Tether

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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, up from $1.48 billion in the previous quarter.

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Tether Q1 Net Income Surpasses Blackrock, Leading Hedge Fund Manager

The recently released Q1 2023 Assurance Report highlights the stablecoin’s impressive performance in the year’s first quarter. The report shows that Tether’s net profit for the quarter was a staggering $1.48 billion, contributing significantly to strengthening its reserves. Moreover, the report reveals that the token in circulation increased by 20% during the quarter, indicating the high trust that Tether’s customers have in the stablecoin. 

In addition, the company ended the first quarter of 2023 with consolidated total assets of $81.8 billion, with most of its reserves invested in U.S. Treasury securities. Tether is also taking steps to reduce its reliance on pure bank deposits as a source of liquidity. It utilizes the repo market as an additional measure to ensure a higher protection standard for its users by maintaining the necessary liquidity.

The report demonstrates Tether’s commitment to transparency, with most of its investments being held in cash, cash equivalents, and other short-term deposits (approximately 85%). 

It also highlights a 25% reduction in secured loans from 8.7% to 6.5% of this asset class within the overall reserves and the highest percentage of assets allocated in US Treasury Bills to date. Gold and Bitcoin represent 4% and 2% of the total reserves, respectively. All new issuance of tokens has been invested in US Treasury bills or placed in overnight Repo.

Last but not least, Tether has outperformed BlackRock, one of the world’s leading providers of investment, advisory, and risk management solutions, in terms of net income in Q1 of 2023. While BlackRock reported a net income of $1.16 billion for the quarter, Tether reported a net income of $1.48 billion, highlighting the confidence investors had in the stablecoin issuer and the crypto market as a whole.

Cementing Its Position As Leading Stablecoin

Tether’s report reveals that its consolidated total liabilities amount to $79.4 billion, of which $79.3 billion relates to digital tokens issued. Despite this, the group’s consolidated assets exceed its consolidated liabilities, demonstrating the strength and stability of the platform.

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. Paolo Ardoino, CTO of Tether, attributes this success to the strength and stability of the platform, as well as the company’s ongoing risk management processes.

Per the report, Looking ahead to Q2, Tether has an extremely positive outlook. It evaluates the global economic environment to ensure its customers’ funds are not exposed to high-risk scenarios. With its reserves remaining extremely liquid and diversified across various asset classes, Tether remains a leading stablecoin issuer in the cryptocurrency market.

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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