Tether reports a profit of $1,480,000,000 in the first quarter alone and has Bitcoin and gold on the balance sheet
Stablecoin issuer Tether (USDT) reported earnings of nearly $1.5 billion in the first quarter alone, while also providing new details about its reserves.
According to a new attestation report from the company, Tether ended the first quarter of the year with total assets of $81.8 billion, with the bulk of it being cash, and a profit of $1.48 billion.
“Another excellent quarter for Tether on multiple fronts: $1.48 billion in net income, bolstering Tether’s reserves, and a 20% increase in token circulation, which is a clear indicator of Tether customer confidence and Tether very optimistic about the future.” .
Tether closed the first quarter of 2023 with a consolidated balance sheet total of $81.8 billion. Most of its reserves are invested in US Treasury bills.”
Tether also announced its gold and Bitcoin (BTC) reserves for the first time. According to the data, 4% of the company’s reserves are made up of gold, while 2% of them are made up of BTC.
According to Tether’s Chief Technology Officer Paolo Ardoino, the $1.48 billion in net profit resulted in an all-time high in excess over reserves. Additionally, he notes that the firm’s $53 billion worth of US Treasury bills is also a new all-time high.
In the report, Ardoino says that Tether added gold and BTC to the breakdown of its reserves for the sake of transparency.
“Looking ahead to the second quarter, we have an extremely positive outlook and remain committed to transparency. Therefore, in our quarterly report, we have introduced new categories in the breakdown of reserves to offer our users even more transparency.”
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