Print
Tether’s Latest Q1 2023 Assurance Report Shows Reserves Surplus At All-Time High of $2.44B, up $1.48B in Net Profit; New Categories for Additional Transparency Reveals Bitcoin and Gold Allocations

Today, Tether Holdings Limited published its assurance opinion for Q1 of 2023 completed by BDO Italia, a top five-ranked global independent public accounting firm. The attestation re-affirms 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 for the first time, additional categories with the aim of increasing transparency into Tether’s reserves reporting. Physical gold, Overnight Repo, Corporate Bonds and Bitcoin ownership have been reported separately. It 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. 

Another excellent quarter for Tether under several aspects: $1.48B of net profit strengthening Tether’s reserves and an increase in the token in circulation of 20% which is a clear indicator of the trust of Tether’s customers which allows Tether to be very optimistic for the future.

Tether closed the first quarter 2023 with $81.8B in consolidated total assets. The majority of its reserves are invested in US Treasury Bills. It has also been working to take steps to reduce its reliance on pure bank deposits as a source of liquidity and instead leverage the Repo market as an additional measure to ensure higher standards of protection for its users by maintaining the required liquidity.

Tether's reserves remain extremely liquid, with the majority of its investments being held in cash, cash equivalents, and other short-term deposits (approximately 85%). This latest report demonstrates its commitment to transparency and highlights a 25% reduction in secured loans from 8.7% to 6.5% of this asset class within the overall reserves and the highest percentage to date of assets allocated in US Treasury Bills. Gold and Bitcoin represent circa 4% and 2% of the total reserves, respectively. All new issuance of tokens have been invested in US Treasury bills or placed in overnight Repo.

The CRR also indicates, and BDO independent attestation confirms, that Tether’s consolidated assets once again exceed its consolidated liabilities.

The Management of the Company asserts the following as of 9 May 2023:

  • The Group’s consolidated total assets amount to at least US$ 81,833,149,345

  • The Group’s consolidated total liabilities amount to US$ 79,390,359,036 of which US$ 79,372,401,626 relates to digital tokens issued.

  • The Group’s consolidated assets exceed its consolidated liabilities.

You can read the latest assurance opinion and the Consolidated Reserves Report here

"We are thrilled with the tremendous success Tether has achieved in Q1 2023, with our reserves’ surplus reaching an all time high of $2.44B,” said Paolo Ardoino, CTO of Tether. “Our net profits for the quarter were $1.48B, a testament to the strength and stability of our platform.  We continue to monitor the risk-adjusted return on all assets within our portfolio on an ongoing basis and expect to make further changes as the overall economic environment changes and the market cycle progresses as a part of our normal, ongoing risk management processes. Tether continues to evaluate the global economic environment and has taken necessary steps to ensure that its customers' funds are not exposed to high-risk scenarios. Looking ahead to Q2, we have an extremely positive outlook and remain committed to transparency, which is why we have introduced new categories in the reserves’ breakdown in our quarterly report to provide even greater transparency to our users." 

latest news

Tether Provides Update on Transition Plan for Legacy Blockchains

29 August 2025 – Tether, the largest company in the digital asset ecosystem, today announced an update to its transition plan for five legacy blockchains: Omni Layer, Bitcoin Cash SLP, Kusama, EOS, and Algorand. More than a year ago, in July 2024, Tether announced plans to wind down support by ceasing redemptions and freezing USD₮ […]

Learn more
Tether to Launch USD₮ on RGB, Expanding Native Bitcoin Stablecoin Support

28 August, 2025 – Tether, the largest company in the digital assets industry, today announced plans to launch USD₮ on RGB, a next-generation protocol for issuing digital assets on Bitcoin. RGB recently reached mainnet with its 0.11.1 release and has been designed to make Bitcoin more than just a store of value. By enabling private, […]

Learn more
Assange Family, Rumble CEO Chris Pavlovski, Twenty One Capital Jack Mallers, and former White House Crypto Advisor Bo Hines Among Headliners for Fourth Annual Plan ₿ Forum in Lugano

22 August, 2025 – Tether, the largest company in the digital asset industry, and the City of Lugano today unveiled the line-up of renowned thought leaders who will gather in Lugano for the fourth annual Plan ₿ Forum on October 24–25, 2025. Building on the success of 2024’s record-breaking event, which drew around 2,900 participants […]

Learn more
Read all news