Today #tether announces its Q1 2023 Assurance Report (attestation) 👀

- Net profit for this quarter of $1.48bn leading to a surplus over reserves of $2.44B- an all time high!! 🤯

- This report adds new explicit separate categories for our #Bitcoin  and Gold 🪙 holdings, representing 2% and 4% of our total reserves respectively.

- We have reduced secured loans from 8.7% to 6.5% of reserves. A 25% reduction! We shall continue to 0 as promised.

- Q1/2023 shows direct US T-bill holdings of over $53bn (another all time high for Tether) representing more than 64% of total reserves.

- A massive reduction in bank deposits, lowering our unsecured counterparty exposure.

- All new issuance of tokens in Q1/2023 was invested in US t-bills or placed in overnight reverse repo facilities (fully collateralised by US treasuries). With $7.5bn now directly invested in overnight reverse repo, our reserves continue to be not only extremely high quality but also highly liquid.

To give you a comparison: Blackrock Q1 net income: $1.16 billion

https://twitter.com/paoloardoino/status/1656301275645108224

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