Amongst the banking turmoil in the United States, Tether (USDT) emerged as the preferred stablecoin. According to the official statement, Tether’s excess reserves reached an all-time high of $2.44 billion in Q1, as compared to $960 million at the end of Q4 2022. The stablecoin ended the first quarter of the year with $81.8 billion. Tether’s reserves included additional categories such as bitcoin, physical gold, overnight repo, and corporate bond allocations. Its Bitcoin holdings were recorded to be $1.5 billion, while that of precious metals accounted for $3.3 billion. 85% of the stablecoin issuer’s investments are being held in cash.
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