𝐯𝐚𝐫𝐢𝐚𝐛𝐥𝐞/𝒙

It is so humbling to witness #tether $USDt growing to all-time-high, surpassing $83.2B. We, at @tether, are strongly committed to growing a strong, resilient and powerful financial, communications and energy ecosystem that leverages our cutting-edge tech. Peer-to-peer communications, #bitcoin , stablecoins, renewable energy production, ... are all part of our exciting past, present and future story.

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. Thanks for all your support ❤️ Here is the sauce ⤵️

Image worth 1000 words #tether

As of June 30th, more than 58% decrease in Tether’s commercial paper holdings over the prior quarter from $20B to $8.5B. CP portfolio will be $200m by end of August and 0 by end of October.