Stablecoin issuer Tether (USDT) reports nearly $1.5 billion in profit in the first quarter alone, while also revealing new details about its reserves.
According to a new attestation report from the firm Tether Closed the first quarter of the year with a total of $81.8 billion in total assets, the majority of which is cash, and $1.48 billion in profits.
“Another excellent quarter for Tether under several aspects: $1.48 billion in net profit bolstering Tether’s reserves and a 20% increase in token circulation, which is a clear indicator of the confidence of Tether’s customers, which allows Tether to be very optimistic for the future.
Tether ended the first quarter of 2023 with $81.8 billion in consolidated total assets. Most of its reserves are invested in US Treasury bills.”
Tether also revealed its gold and Bitcoin (BTC) reserves for the first time. According to the data, 4% of the company’s reserves are gold while 2% are BTC.
According to Tether’s chief technology officer Paolo Ardoino, net profit of $1.48 billion LED to a historically high reserve surplus. In addition, he notes that the $53 billion worth of US Treasury bills held by the company is also a new record.
In the report, Ardoino says Tether added gold and BTC to its reserve breakdown in an effort for transparency.
“Looking ahead to the second quarter, we have an extremely positive outlook and remain committed to transparency, so we have introduced new categories to the reserve breakdown in our quarterly report to provide even greater transparency to our users.”
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