Tether says “I told you so” with upbeat Q1 attestation.
Stablecoin operator Tether Holdings pulled over $4.5 billion out of banks in the first quarter of 2023, causing a “substantial reduction” in counterparty risk, the company reported in a postTether’s market capitalization grew from $66 billion to over $82 billion in the first quarter, while Tether shed over 90% of its bank deposits, bringing it down from $5.3 billion to $481 million.
Simultaneously, Tether boosted its United States Treasury bills to a new high of over $53 billion, or 64% of its reserves. Combined with other assets, Tether’s USDT token is now backed by 85% cash, cash equivalents and short-term deposits “that can be sold rapidly to process redemptions.” That includes over $7.5 billion in repo facilities. In addition:
“Decade-high yield rates drive revenues up, increasing Tethers surplus reserves, effectively overcollateralizing USDT.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Here's How Much Tether Holds in GoldTether, operator of world's largest USD-pegged stablecoin USDT becomes 'precious metals powerhouse,' Gabor Gurbacs says
Read more »
Former SEC Lawyer Says Tether Is CounterfeiterFormer US Securities and Exchange Commission (SEC) lawyer John Reed Stark has raised serious allegations against Tether, popular cryptocurrency, calling it 'counterfeiter'
Read more »
Tether Generated $1.5B in Profits in Q1, 2023, Holds 2% Bitcoin in Total ReservesUSDT's market cap has increased by nearly 25% since the beginning of the year.
Read more »
Tether’s Market Cap Inches Towards All-Time High as Competitors Struggle With Redemptions – Bitcoin NewsWith a current market valuation of $82.84 billion, the stablecoin tether is a mere $433 million shy of reaching its all-time high (ATH).
Read more »
Motley Fool: PayPal presents intriguing opportunity for attentive investorsShares of PayPal Holdings (Nasdaq: PYPL), the leading digital payments platform, were recently down 30% from their 52-week high and more than 75% from their...
Read more »
Exclusive: Kioxia, Western Digital speed up merger talks as memory chip demand slumpsKioxia Holdings Corp and Western Digital Corp are speeding up merger talks and nailing down a deal structure, two sources with direct knowledge of the matter said, as a slumping flash memory market puts fresh consolidation pressure on the world's No. 2 and No. 4 players.
Read more »