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Tether boasts of its financial stability after strong profits, money moved out of banks

Published 05/15/2023, 02:00 PM
Updated 05/15/2023, 03:40 PM

Stablecoin operator Tether Holdings pulled over $4.5 billion out of banks in the first quarter of 2023, causing a “substantial reduction” in counterparty risk, the company reported in a post touting its latest attestation by BDO Italia.

Tether’s (USDT) market capitalization grew from $66 billion to over $82 billion in the first quarter, while Tether shed over 90% of its bank deposits, bringing it down from $5.3 billion to $481 million. Tether said the remaining bank deposits are spread out among several banks, referring to its competitors that suffered losses after recent bank failures.

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