Stablecoin Tether's reserves hit $81.8 billion in Q1 - reserves report

economictimes.indiatimes.com:

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.Crypto investors have flocked to the stablecoin in recent months, considering it to be a relatively safe haven during the turbulence of the U.S. regional banking crisis and a regulatory crackdown on crypto firms.Tether's reserves include $53 billion of U.S. treasuries, the report said, up from $39.2 billion at the end of 2022. They also include $1.5 billion worth of bitcoin and $5.3 billion worth of loans which the report said are «over-collateralized». In a post on its website, Tether said it has been seeking to «reduce its reliance on pure bank deposits» and leverage the repo market instead. A repo, short for repurchase agreement, refers to when financial institutions use U.S. Treasuries and other high-quality securities as collateral to raise cash, often overnight.

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(Reporting by Elizabeth Howcroft and Hannah Lang; Editing by Alison Williams)