TechFlow News, May 16 — USDT issuer Tether released its Q1 proof of reserves today. The circulating supply of USDT grew from $66 billion to over $82 billion. The proportion of secured loans in Tether’s reserves decreased from 8.7% to 6.5%. Tether’s direct holdings of U.S. Treasury securities reached a record high of over $53 billion, accounting for more than 64% of total reserves. Combined with cash and other cash equivalents—including overnight repos, term repos, money market funds, cash, and bank deposits—U.S. Treasuries now make up nearly 85% of reserves, the highest level on record. Additionally, during the first quarter, Tether reduced its bank deposits from $5.3 billion to $481 million to lower counterparty risk exposure.
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