Tether: $1.5 Billion Profits in Q1 – Bitcoin and Gold Reserves Revealed
Tether (USDT), the stablecoin issuer, has reported significant profits of approximately $1.5 billion in the first quarter of this year. The company has also disclosed additional details regarding its reserves.
Based on a recently published attestation report, Tether concluded the initial quarter of 2023 with a total asset value of $81.8 billion, primarily consisting of cash. The company’s profits amounted to $1.48 billion.
Tether experienced notable success during this quarter, evident from the substantial net profit and a 20% increase in its token circulation. These developments demonstrate customers’ trust in Tether and bode well for the company’s future prospects.
Tether’s consolidated total assets stood at $81.8 billion by the end of Q1 2023, with a significant portion of its reserves allocated to US Treasury bills.
For the first time, Tether has also disclosed its reserves of gold and Bitcoin (BTC). The data reveals that 4% of the reserves consist of gold, while 2% are in the form of BTC.
READ MORE: Bitcoin’s Price Surge Will be Fueled by CBDC Push – Michael Saylor
Paolo Ardoino, the Chief Technology Officer of Tether, attributes the record-breaking surplus over reserves to the net profit of $1.48 billion. Additionally, the firm’s holdings of US Treasury bills, worth $53 billion, have reached an all-time high.
Ardoino emphasizes Tether’s commitment to transparency, which led to the inclusion of gold and BTC in the breakdown of reserves. This enhanced transparency will be maintained in future quarterly reports, reflecting the company’s positive outlook for the second quarter.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
