LONDON, May 10 (Reuters) - 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.
(Reporting by Elizabeth Howcroft and Hannah Lang; Editing by
Alison Williams)
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