Tether has recently released its Q1 2023 attestation report, featuring multiple significant milestones. The company’s attestation reports are crucial to its dual commitment to transparency and stability.
According to the report, the company achieved a record net profit of $1.48 billion in Q1, bringing its reserves surplus to another record high of $2.44 billion. It also continued to wind down its secured loans and reduce bank deposits, further decreasing its exposure to counterparty risk.
Tether’s Milestones & Market Position
In addition, the company’s treasury direct holdings reached an all-time high of over $53 billion, representing more than 64% of total reserves, and its US Treasury holdings are at all-time highs.
All new issuance is fully collateralized by US Treasuries and overnight reverse repo facilities, which US Treasuries fully collateralize. The company has included categories for its Gold and Bitcoin holdings for the first time, demonstrating its continued commitment to being the industry leader in stablecoin transparency.
Tether’s commitment to stability and transparency is evident in its attestation report. Instead of being distributed to shareholders, its profits are fully rolled into reserves, strengthening its stability for the benefit of its users.
Tether’s Q1 profits were higher than those of Blackrock, Netflix, Starbucks, Cash App, PayPal, and many other S&P 500 corporations. During the 2022 black swan events, the company flawlessly redeemed over $20 billion in around 20 days, a feat unparalleled in financial history without bankruptcy.
The company’s milestones would not be possible without the support and trust of the cryptocurrency industry. It is the only stablecoin to have regained its all-time high market cap after the Terra Luna collapse and a subsequent bear market.
USD₮ has recently begun to see new highs as capital has flowed into Tether, seeking a more reliable stablecoin option. The company’s main competitors are trading more than 40% below their all-time high market caps, which represents investors and users choosing USD₮ as their primary stablecoin and exiting other stablecoin positions.
However, Tether’s Q1 attestation report showcases its continued commitment to providing a reliable, peer-to-peer cash alternative and its dedication to stability and transparency.
Tether’s profits and allocation to increase reserves demonstrate its commitment to token stability and position it favorably among financial institutions.
Related Reading | Fraud Alert: Influencer Rugs Crypto Token, Cashes Out 2% of Supply on Followers