• Tether Holdings made a strategic move in Q1 2023, withdrawing $4.5 billion from banks and diversifying its remaining bank deposits.
• Market capitalization experienced substantial growth, soaring from $66 billion to $82 billion during the same period.
• Tether proudly highlighted its financial achievements, surpassing the profits of notable companies such as BlackRock, Netflix, Starbucks, Cash App and PayPal.
Tether Fortifies Reserves in Q1 Triumphs
Tether Holdings has strategically diversified its remaining bank deposits during Q1 2023 to reduce counterparty risk and bolster its financial stability. This move resulted in a significant reduction of bank deposits, plummeting by over 90% from $5.3 billion to a mere $481 million. Simultaneously, Tether elevated its United States Treasury bills to an all-time high of over $53 billion, representing 64% of its reserves. Furthermore, 85% of Tether’s backing was allocated to cash and short-term deposits that could be promptly liquidated if needed.
Tether Outperforms Big Names
Tether’s remarkable accomplishments for the quarter have enabled it to outperform notable companies such as BlackRock, Netflix, Starbucks, Cash App and PayPal. The company announced plans to reduce its commercial paper reserves from $20 billion to $8.4 billion by the end of June with an aim to eliminate it by year’s end – further solidifying their position within the market.
Revelation of Gold & Bitcoin Holdings
In an impressive display of transparency, Tether unveiled their holdings of gold and Bitcoin in their latest attestation for the quarter – effectively demonstrating their commitment to providing clarity and openness towards stakeholders .
Growing Market Capitalization
The company’s market capitalization experienced substantial growth during this period – soaring from $66Billion to an impressive 82Billion USDT being attributed directly due to this move .
Conclusion
All in all , these impressive feats have enabled Tether Holdings immense success with a triple digit growth rate across many metrics . With reduced counterparty risk , growing market capitalization & transparent holdings , they are certainly on track for continued exponential growth throughout 2023 .