BDO Italia, the accounting firm responsible for auditing Tether’s reserves, has released its latest attestation report revealing that the stablecoin issuer holds approximately $1.5 billion worth of Bitcoin (BTC) reserves.
The report also highlighted that precious metals are now listed as a separate line item, revealing that Tether holds approximately $3.4 billion worth of the assets.
Tether’s decision to provide increased transparency into its reserves reporting has been welcomed by many of its token holders.
The inclusion of Bitcoin and precious metals holdings aims to increase transparency and provide more detailed information on the composition of the stablecoin issuer’s reserves.
In addition to the report, Tether announced that it made $1.48 billion in profits during the first quarter of 2023 and increased the circulation of its token by 20%. With the increased circulation, Tether’s total reserves have reached their highest point ever, at approximately $81.8 billion.
Tether’s success may be partially attributed to the decline of its largest competitor, Circle’s USD Coin (USDC). In March, USDC briefly depegged in the secondary market due to concerns about its exposure to the failed Silicon Valley Bank. Although the coin regained its peg quickly, its market cap has since declined.