Tether recently released its Q1 2023 attestation report showing record profits and reserve surpluses. Tether's profits of $1.48 billion were added to its reserves, which reached a record high of $2.44 billion. Tether has also significantly reduced its secured loans and bank deposits while increasing its holdings of U.S. Treasuries and overnight repo facilities. These moves demonstrate Tether's commitment to providing a stable and reliable stablecoin backed by high-quality liquid collateral. Tether's growing profits and reserves have allowed it to process large redemptions effortlessly, positioning it favorably compared to traditional financial institutions.

Tether, a stablecoin issuer, reduced its bank deposits from $5.3 billion to $481 million in Q1 to mitigate the risk of bank failures. The company also diversified its asset reserves by adding gold and bitcoin, which account for 4% and 1.8% of its total reserves, respectively. The US government is reportedly planning to crack down on crypto exchanges. Meanwhile, Lido Finance has staked over 6.2 million ETH, and the next bullish catalyst for Bitcoin is said to be the realized price getting above Long Term Holder RP. CZ, the CEO of Binance, has unfollowed Elon Musk on social media, causing speculation in the crypto community. Lastly, JPMorgan and financial regulators have accused Gary Gensler of jurisdictional overreach and disrupting well-functioning markets.

Tether Holdings, a stablecoin operator, has withdrawn over $4.5 billion from banks in the first quarter of 2023, resulting in a significant reduction in counterparty risk. Despite shedding over 90% of its bank deposits, Tether's market capitalization grew from $66 billion to over $82 billion in the same period. Tether has also increased its United States Treasury bills to over $53 billion, or 64% of its reserves, and revealed holdings of gold and Bitcoin for the first time. The company has been striving to improve its financial indicators and has taken steps to highlight its successes.

Former Securities and Exchange Commission enforcement attorney John Reed engaged in a heated Twitter discussion with Tether's CTO, Paolo Ardoino, over Reed's criticism of the company's opaque financial statements and lack of regulatory framework. Despite Tether's latest attestation report, Reed remained skeptical and called for proper auditing. Ardoino defended Tether, stating that the company works closely with authorities and serves unbanked individuals in emerging markets. The discussion ended with Reed expressing concern for anyone using Tether and referencing the company's massive first quarter profits.

Pepe Coin's value has decreased by 10% in the last 24 hours, but it has still seen a significant increase of 59% in the past two weeks and over 6,000% since CoinMarketCap started tracking it. The token is close to entering the top 50 cryptocurrencies by market cap and is expected to be listed on more exchanges in the coming weeks.

John Reed Stark, a former SEC member and experienced lawyer, has raised serious concerns about the legitimacy of Tether, a popular cryptocurrency. Stark has accused Tether of being a "counterfeiter" and criticized the lack of transparency in the operations of Bitfinex, the company responsible for Tether. He has emphasized that Tether falls short of embodying the fundamental characteristics of a legitimate currency and lacks any true resemblance to the US dollar. Stark's comments have sparked a debate about the credibility of Tether and the need for enhanced regulation and oversight in the cryptocurrency industry.

Despite several U.S. dollar-pegged digital tokens experiencing notable redemptions in recent months, the largest stablecoin by market valuation, tether, is on the verge of achieving its highest-ever market capitalization. With a current value of $82.84 billion, tether is a mere $433 million shy of reaching its all-time high (ATH) set on May 8, 2022.

MakerDAO has unveiled a governance model that will utilize artificial intelligence (AI) and introduce new crypto tokens under a new brand. The AI tools will create a "governance equilibrium" that guides development, while the new tokens will unite the Maker governance token (MKR) and the Dai stablecoin (DAI).

Bybit, a leading cryptocurrency exchange, has announced a giveaway of $20K USDT for users who trade Shiba Inu tokens. The giveaway campaign will end on May 18, 2023, at 11:30 AM (UTC). Users will be ranked based on their trading volume on the SHIB/USDT pair throughout the giveaway event.

Argentinian coffee shop CrypStation has reported a tenfold increase in crypto-paying customers over the past year and plans to expand to Chile. The shop, which has two branches in Buenos Aires, said over 10% of its customers paid their bills in crypto, with almost six in 10 using Tether (USDT) and 28% using Bitcoin (BTC). CrypStation said it had seen a "constant upward trend" in customers using crypto to buy coffee and other goods. The shop uses Binance Pay to process payments and offers talks and advice on crypto.

Tether Holdings Limited, the issuer of the world's largest stablecoin, USDT, has released its Q1 2023 Assurance Report, which has been attested to by BDO Italia, a top five-ranked global independent public accounting firm. The report confirms the accuracy of Tether's Consolidated Reserves Report (CRR), which details the assets held by the group as of March 31, 2023. The report reveals an increase in Tether's excess reserves, reaching an all-time high of $2.44 billion, up from $1.48 billion in the previous quarter. Tether's success in Q1 2023 is evident, with its reserves' surplus reaching an all-time high of $2.44 billion and net profits for the quarter of $1.48 billion.

Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark has called for a ban on crypto firms offering Tether USDT, describing the stablecoin issuer as a "mammoth house of cards." Stark highlighted concerns over Tether's unaudited reserves and lack of regulatory oversight, stating that the stablecoin issuer could be the next domino to fall. He also criticized Tether's attestation, stating that it cannot replace an audit and leaves more questions about its reserves. Stark urged the U.S. to follow Ontario's lead in banning crypto platforms from offering Tether USDT.

Tether Holding Limited, a stablecoin issuer, has reported an increase in its reserves, reaching an all-time high of $2.44 billion in the first quarter of 2023. This increase was likely due to the overall recovery of the crypto market during this time period.

Tether Holdings Limited has published its assurance opinion for Q1 of 2023, which re-affirms the accuracy of Tether's Consolidated Reserves Report (CRR).

Tether, the stablecoin issuer, has reported a net profit of $1.5 billion for Q1, more than double the previous period, according to its attestation report. The company's consolidated total assets were at least $81.8 billion as of May 9, with consolidated total liabilities of $79.4 billion, resulting in excess reserves of at least $2.44 billion, an all-time high. Tether has also included additional categories in its reserves reporting for the first time, including bitcoin, physical gold, overnight repo, and corporate bond allocations. The company holds $1.5 billion worth of bitcoin and $3.3 billion worth of precious metals.

Xapo Bank, a Gibraltar-based financial institution that is friendly to cryptocurrencies, has announced that it will allow customers to deposit and withdraw tether (USDT), the largest stablecoin by market cap, by the end of the month. The bank will not charge any fees for these transactions, according to a statement it shared with CoinDesk. Xapo Bank already offers a similar service for USD Coin (USDC), which it introduced in March and has since received $48 million in USDC deposits and enabled $4.5 million in withdrawals. The bank said that it has observed a strong demand for stablecoin deposits and withdrawals from its members, particularly those based in emerging markets, and that it offers a 4.1% annual interest rate on deposits.

Cetus, a DEX and liquidity protocol built on Sui and Aptos, has surpassed its hard cap target of 800,000 Sui tokens within 30 seconds of the initial DEX offering (IDO) going live. The IDO, which is ongoing until May 10, offers 20 million Cetus tokens (CETUS) out of a total supply of 1 billion CETUS. Users can commit SUI in exchange for CETUS at an exchange rate of 1 SUI to 25 CETUS, placing the Cetus DEX at an initial valuation of $45.8 million. The SUI public sale took place weeks prior with an offering price of 0.1 Tether (USDT) per SUI.

Crypto liquidity provider Orbit Markets has partnered with execution broker PI Digital to launch the first bitcoin and gold hybrid-focused derivative product, called XAUT. The gold-backed token will be settled in either USDT, XAUT or bitcoin as designated by Orbit. The product aims to provide investors exposure to gold and digital assets during periods of macroeconomic uncertainty. The liquidity provider plans to launch further hybrid products dedicated to institutional investors.

Tether, one of the largest stablecoin issuers in the cryptocurrency industry, is set to release a new attestation report next week, according to a tweet by the company's CTO, Paolo Ardoino.

Stablecoins' exchange balance drops to 2-year low as bitcoin rallies 70%. The number of stablecoins held in addresses tied to centralized exchanges has declined by 44% this year, reaching the lowest since May 2021. The decrease is attributed to increasing investor aversion to risk due to regulatory crackdowns on BUSD and USDC.