You probably know Tether as the company behind the largest stablecoin in the world. Then we are of course talking about Tether or USDT. Tether is regularly in the news negatively, because there are people who claim that the company does not have its financial house in order.
In its Q1 2023 report, Tether writes that its reserves hit a new all-time high of $2.44 billion. That represents an increase of $1.48 billion in the first three months of 2023.
$81.8 billion in assets
Further, the company claims it had total assets of $81.8 billion at the end of the first quarter. It is hoped that Tether will now have more assets, as the market cap of the stablecoin has now grown to $ 82.6 billion. This makes USDT by far the largest stablecoin on the market at the moment.
The number two on the list USD Coin (Circle’s coin) follows a long way with a market cap of $ 30.1 billion. In addition to sharing its reserves, Tether also says that the majority of its assets are in US government bonds.
“It is also working on ways to reduce its reliance on pure bank deposits as a source of liquidity and instead use the Repo markets as an additional measure to ensure greater levels of protection for its users by monitoring liquidity” , as stated in the statement.
Transparency on one
Tether understands that it is in the spotlight as a stablecoin issuer and that is why transparency is important. Especially since Tether basically manages the largest stablecoin on the market. Tether’s reserves remain extremely liquid declaration.
By liquid they mean that the reserves can be quickly converted into what is needed to put out financial fires: US dollars. Remarkably, Tether also has gold and Bitcoin in its reserves.
Gold represents about 4 percent of Tether’s reserves and Bitcoin accounts for 2 percent of Tether’s reserves. That the market has confidence in Tether is evidenced by the market share of the stablecoin, which continues to rise and rise.