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.