Tether released its first quarter reserve certificate, USDT issuance increased from $66 billion to more than $82 billion, of which secured loans as a percentage of Tether reserves decreased from 8.7% to 6.5%, and Tether's direct holdings of U.S. Treasury bonds reached a record high of more than $53 billion, accounting for more than 64% of total reserves, and Treasury bonds together with other reserves in the cash and cash equivalents category (such as overnight repurchases, term repurchases, money market funds, cash and bank deposits) accounted for nearly 85%, reaching an all-time high. In addition, Tether also reduced its bank deposits from $5.3 billion to $481 million in the first quarter to reduce the counterparty risk faced by Tether.
Tether completed an audit by independent accounting firm BDO Italia, and its net profit in the first quarter of 2023 reached US$1.48 billion, more than doubling from the previous quarter, bringing its excess reserves to US$2.44 billion, far exceeding the US$960 million in the fourth quarter of 2022.