USDT's market cap has increased by nearly 25% since the beginning of the year.
The stablecoin ended the first quarter of the year with $81.8 billion in consolidated total assets, while its consolidated total liabilities stood near $79.4 billion.
Tether’s reserves included additional categories such as bitcoin, physical gold, overnight repo, and corporate bond allocations. Its Bitcoin holdings were recorded to be $1.5 billion, while that of precious metals accounted for $3.3 billion. 85% of the stablecoin issuer’s investments are being held in cash, cash equivalents, and other short-term deposits. Gold and bitcoin represent approximately 4% and 2% of the total reserves, respectively,
Tether said it is doubling down its focus on limiting its reliance on pure bank deposits as a source of liquidity and “instead leverages the Repo market as an additional measure to ensure higher standards of protection for its users by maintaining the required liquidity.”“We are thrilled with the tremendous success Tether has achieved in Q1 2023.
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