Tether Q1 2023 Report: Reserves Surplus Reaches All-Time High of $2.44B, up $1.48B in Net Profit

Tether Holdings Limited has released its assurance opinion for Q1 of 2023, completed by BDO Italia, a top five-ranked global independent public accounting firm.

The attestation confirms the accuracy of Tether’s Consolidated Reserves Report (CRR), which breaks down the assets held by the group as of March 31, 2023. The CRR provides additional categories, including physical gold, Overnight Repo, Corporate Bonds and Bitcoin ownership, with the aim of increasing transparency into Tether’s reserves reporting.

The report reveals an increase in Tether's excess of reserves reaching an all-time high of $2.44B, up $1.48B for the first quarter of 2023. Tether closed the first quarter with $81.8B in consolidated total assets, with the majority of its reserves invested in US Treasury Bills. The CRR also indicates, and BDO independent attestation confirms, that Tether’s consolidated assets once again exceed its consolidated liabilities.