Tether released its first-quarter reserve proof, with direct holdings of U.S. Treasury bonds reaching a record high

ChainCatcher news, Tether released its first quarter reserve proof, with the USDT issuance increasing from $66 billion to over $82 billion. The percentage of secured loans in Tether's reserves decreased from 8.7% to 6.5%. Tether's direct holdings of U.S. Treasury securities reached a historic high of over $53 billion, accounting for more than 64% of total reserves. Treasury securities, along with other reserves in the cash and cash equivalents category (such as overnight repos, term repos, money market funds, cash, and bank deposits), accounted for nearly 85%, reaching an all-time high. Additionally, Tether reduced its bank deposits from $5.3 billion to $481 million in the first quarter to lower the counterparty risk faced by Tether.

Previous report indicated that Tether completed an audit conducted by the independent accounting firm BDO Italia, with a net profit of $1.48 billion in the first quarter of 2023, more than doubling quarter-over-quarter, bringing its excess reserves to $2.44 billion, far exceeding the $960 million in the fourth quarter of 2022. (Source link)