Tether Announces $1.5 Billion Profit in the First Quarter of 2023

Stablecoin issuer Tether has announced its highest-ever reserves and a profit of $1.5 billion in the first quarter of 2023, according to its latest report.

According to The Block’s report, Tether, the stablecoin issuer, announced a profit of $1.5 billion in the first quarter of 2023, according to its latest report. Additionally, Tether revealed its highest-ever reserves.

“We are excited about Tether’s tremendous success in the first quarter of 2023, with our reserves exceeding an all-time high of $2.44 billion. Our net profit for the quarter, a testament to the strength and stability of our platform, is $1.48 billion.”
Tether’s CTO Paolo Ardoino

Additionally, Tether has added reports on bitcoin, physical gold, overnight repo, and corporate bonds to its reserve reporting. Tether’s total reserves include $1.5 billion worth of bitcoin and $3.3 billion worth of precious metals. Tether stated that the majority of its investments, 85%, are held in cash, cash equivalents, and other short-term deposits. They also disclosed that 4% of their reserves are in gold and 2% are in bitcoin.

“We continue to monitor the risk-adjusted returns of all assets in our portfolio and expect to make further changes as the general economic environment evolves and the market cycle progresses, as part of our normal ongoing risk management processes.”
Paolo Ardoino

Furthermore, Tether USDT still stands out as the largest stablecoin in the market with a supply of over 83 billion tokens. It is also stated that in the future, Tether will make more reporting for transparency to increase its stability and reliability in the market.

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