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Tether Holdings Limited, the issuer of the world's largest stablecoin, USDT, has published its Q1 2023 Assurance Report, attested to by BDO Italia, a top five-ranked global independent public accounting firm. The report re-affirms the accuracy of Tether's Consolidated Reserves Report (CRR), which details the assets held by the group as of March 31, 2023.
Tether Holdings Limited recently released its Q1 2023 assurance opinion, conducted by BDO Italia, a leading global independent public accounting firm. The attestation reaffirms the accuracy of Tether's Consolidated Reserves Report (CRR) as of March 31, 2023.
In its latest assurance report, the company behind the USDT stablecoin says it has seen “tremendous success.”
Tether, the leading stablecoin issuer, reported a net profit of $1.5 billion for Q1 2023, according to a recent reserves report attested by BDO Italia.
Tether Holdings Limited has today published its Q1, 2023 assurance report reaffirming the accuracy of Tether's Consolidated Reserves Report (CPR). Among other things, the report shows that the company's consolidated assets exceed its consolidated liabilities. The CPR broke down the assets held by Tether Holdings as of March 31, 2023.
Xapo Bank, a licensed private bank that aims to combine traditional banking with access to Bitcoin and stablecoins, claims to have become the first bank in the world to integrate Tether (USDT) payment rails. Xapo Bank is regulated and based in Gibraltar.
Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark urged U.S. financial regulators to ban crypto firms from offering Tether USDT, describing the firm as a “mammoth house of cards.” In a May 9 long-form Twitter post, Stark touched on different issues plaguing Tether to drive home his point.
Tether Holdings Limited's latest Q1 2023 assurance report, completed by global independent public accounting firm BDO Italia, reveals an all-time high of $2.44 billion in excess reserves, up $1.48 billion from the previous quarter.
The company's USDT stablecoin has seen rapid growth this year as the U.S. banking crisis hit rivals.
Stablecoin issuer Tether (USDT) said it holds $1.5 billion worth of Bitcoin (BTC) in its reserves — equating to 2% of its total reserves. The stablecoin issuer further revealed that it held $3.39 billion in precious metals like gold.
As a regional banking crisis in the US expands and regulatory oversight on crypto companies intensifies, investors within the crypto realm are shifting their focus to tokens and coins regarded as relatively secure. In this climate, Tether has emerged as the leading stablecoin, with its market value skyrocketing since March.
Stablecoin issuer, Tether Holding Limited has reported an increase in its reserves, hitting an all-time high of $2.44 billion, an increase of $1.48 billion for the first quarter of 2023. This was likely due to the overall recovery of the crypto market during this time period, as many digital assets experienced a significant increase in
Stablecoin Tether's reserves were worth $81.8 billion at the end of the first quarter, according to a reserves attestation on Wednesday, up around $14.8 billion from the previous quarter.
Former CFTC Chair Timothy Massad said that futures contracts on tether make it a commodity, and he'd like to see it “regulated as a banking product” in a House hearing on Wednesday.
https://tether.to/en/tethers-latest-q1-2023-assurance-report-shows-reserves-surplus-at-all-time-high-of-244b-up-148b-in-net-profit-new-categories-for-additional-transparency-reveals-bitcoin-and-gold-allocations/
Tether released its latest attestation report on Thursday, reporting a "net profit" of $1.48 billion in the first quarter of 2023.
Customers of the bank may now use the world's largest stablecoin for payments.
Although proponents of cryptos advocate the blockchain being a fiat alternative, digital assets still present high risks.
The fund transfer may be part of a recovery effort to repay creditors of the failed FTX crypto exchange.
The stablecoins market is expected to significantly grow amid the mainstream adoption of Bitcoin and other digital assets globally.
The crypto-friendly bank announced earlier in the year support for USDC services.
Xapo Bank, a private bank offering both traditional banking and access to Bitcoin (CRYPTO: BTC) and stablecoins, said Tuesday that it's the world's first bank to integrate Tether (CRYPTO: USDT) payment rails. What Happened: The phased rollout will be available to all members by the end of the month, adding to the existing USD Coin (CRYPTO: USDT) rails launched in March.
Today's crypto market highlights Nexo (NEXO), Flare (FLR), Pax Dollar (USDP), PAX Gold (PAXG), Dai (DAI), and Tether (USDT) as the top gainers, while Floki Inu (FLOKI), PepeCash (PEPE), PancakeSwap (CAKE), Huobi Token (HT), Luna Classic (LUNC), Conflux (CFX), and Woo Network (WOO) have experienced losses.
The SUI-USDT exchange pair recorded an X20 multiplier on the starting price of the public sale; those who had the token in their crypto wallet got a real bargain!
