Market Analysis Report (11 May 2023)

Leading stablecoin issuer Tether has announced a net profit of $1.5 billion for the first quarter of the year, more than doubling its performance from the previous period of 2022.

According to the company’s Chief Technology Officer, Paolo Ardoino, Tether had a “record-breaking surplus” in its reserves of $2.44 billion. The company’s consolidated total assets were at least $81.8 billion as of May 9, while its consolidated total liabilities stood at $79.4 billion.

In an unprecedented move Tether, the company behind USDT, unveiled additional categories in its reserves report. For the first time, the company disclosed its allocations in bitcoin, physical gold, overnight repo, and corporate bonds, with holdings of $1.5 billion in bitcoin and $3.3 billion in precious metals.

According to Tether, the lion’s share of its investments, approximately 85%, is held in cash, cash equivalents, and other short-term deposits. Gold and bitcoin represent about 4% and 2% of the total reserves, respectively.

It’s worth noting Tether also issues a gold-backed stablecoin called Tether Gold (XAUT).

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• Source: https://www.cryptocompare.com/email-updates/daily/2023/may/11/