USDT’s market cap is up nearly 25% since the start of the year during a stressful US banking system.
Tether has seen a significant recovery, with recent reports revealing that Tether made nearly $1.5 billion in net profit in the first quarter of 2023.
Reference fromreportOfficially, Tether’s excess reserves hit a record high of $2,440 million in Q1. In Q4 2022, it was $960 million at the end of the quarter.
In the first quarter of the year, Tether had total assets of $81.8 billion, and total liabilities of $79.4 billion. Bitcoin holdings are $1.5 billion, and precious metal reserves are $3.3 billion.
85% of Tether investments are in the form of cash. Cash equivalents and other short-term deposits. Gold and Bitcoin account for approximately 4% and 2% of total reserves, respectively.
Tether said it was trying to lean more heavily on bank deposits and began investing in short-term deposit markets to increase its standards of protecting users by securing the necessary liquidity.
Tether CTO Paolo Ardoino said on the quarterly earnings:
“We are excited about the success of Tether in Q1 2023 and expect Q2 to be quite optimistic and remain committed to transparency. Which is why we break down reserves in our quarterly reports. provide more transparency to our users.”
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