Reserves Financial News

Tether Holdings Ltd. at one point counted securities issued by Chinese companies among the reserves backing its USDT stablecoin, according to Bloomberg News. 

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XRP, the cryptocurrency issued by US fintech firm Ripple, could see massive price gains if CEO Brad Garlinghouse’s plan to spend $1 billion on acquisitions proves successful.

The Texas legislature passed a bill this week requiring cryptocurrency exchanges to provide a “proof of reserves,” the latest move by the lone star state. 

Tether International Ltd., the company behind the third-largest cryptocurrency by market value, will use 15% of its net investment profit, equivalent to $222 million of its first-quarter profit, on Bitcoin to diversify reserves backing its USDT stablecoin.

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.

Stablecoin issuer Tether has announced a profit of $1.48 billion for the first quarter of this year, after rising interest rates helped the company earn higher returns on its massive reserves.

Stablecoin issuer Circle has reportedly adjusted its reserves treasury in an effort to reduce the risks of United States debt defaults.

BDO Italia's latest attestation report for Tether revealed that Bitcoin (BTC) made up approximately $1.5 billion of the stablecoin issuer's reserves, or roughly 2% of the total, at the end of the first quarter. The accounting firm did not list Bitcoin as a line item in previous reports.

An economic slowdown, persistent inflation and weaker productivity growth will hurt Social Security’s finances, draining its reserves one year earlier than previously estimated, the government said Friday.

An economic slowdown, persistent inflation and weaker productivity growth will hurt Social Security’s finances, draining its reserves one year earlier than previously estimated, the government said Friday.

An economic slowdown, persistent inflation and weaker productivity growth will hurt Social Security’s finances, draining its reserves one year earlier than previously estimated, the government said Friday.

An economic slowdown, persistent inflation and weaker productivity growth will hurt Social Security’s finances, draining its reserves one year earlier than previously estimated, the government said Friday.

Circle has been subject to discussion in the crypto industry since the depegging of its stablecoin (USDC) due to the collapse of Silicon Valley Bank (SVB) on March 10. Now that the company cleared its backlogs and USDC regained its 1:1 peg with the United States dollar, it is looking towards the future of both the company and the industry. 

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Cryptocurrency firm Tether, which issues the stablecoin USDT (USDT), expects to make a $700 million profit in the first quarter of 2023, matching the profits of the last quarter of 2022, Tether chief technology officer Paolo Ardoino told Cointelegraph at Paris Blockchain Week 2023.

The global cryptocurrency exchange OKX released its fifth proof-of-reserves (PoR) report, a practice it began in November 2022 to boost transparency in the industry. 

Circle CEO and co-founder, Jeremy Allaire, confirmed that, as of March 13, the stablecoin issuer has been “able to access” its $3.3 billion of funds held with the collapsed bank, Silicon Valley Bank (SVB).

Popular stablecoin issuer Circle has announced that the $3.3 billion in USD Coin (USDC) reserve deposits held with Silicon Valley Bank will be fully recovered when banks reopen in the United States on Monday.

The Public Company Accounting Oversight Board (PCAOB), a watchdog that oversees audits of public companies in the United States, recently issued an advisory that warned investors about proof-of-reserves (PoR) reports issued by auditing firms.

Binance has expanded its Proof-of-Reserve (PoR) report to include 11 more tokens, bringing the overall amount of funds verifiable via the exchange's PoR system to over $63 billion.