- BDO Italy reported that Tether has $1.5 billion in Bitcoin reserves.
- USDT circulation has increased by over 20%.
BDO Italia, one of the major international networks of audit and professional services, has revealed that Bitcoin has made up around $1.5 billion of the Tether reserves, which is nearly 2% of the total at the end of Q1.
Recently, the stablecoin issuer Tether released the Q1 2023 results. According to the Q1 2023 report, Tether has $1.48 billion in net profit. Moreover, the stablecoin issuer has reached an all-time high.
Following Tether’s Q1 2023 report, BDO Italy has revealed that it has $1.5 billion in Bitcoin reserves. In the previous report, the accounting firm didn’t list Bitcoin as a line item. In the announcement, it stated that it included information about its Bitcoin and precious metal holdings to increase transparency for the holders of the stablecoin.
Tether Reaches its All-Time High
According to the report, the precious metals are also given in their own line item. It reveals that the stablecoin issuer’s holdings are around $3.4 billion worth of assets, which is around 4% of the total reserves.
Moreover, Tether has mentioned that the circulation of USDT has increased by over 20%. The increased circulation resulted in reaching its all-time high, which is around $81.8 billion. Tether’s success in the crypto market is reflected in its investor’s faith.
Tether’s success may have resulted in the decline of Circle’s USDC, which is its largest competitor. The stablecoin USDC depegged in the secondary market in March. The decline is due to its concern about the failure of Silicon Valley Bank. However, the coin regained its peg quickly, but its market cap witnessed a continued decline.