Stablecoin issuer Tether (USDT) is reporting nearly $1.5 billion in profits during Q1 alone while also revealing new details from its reserves.
According to a new attestation report by the firm, Tether closed the first quarter of the year with a total of $81.8 billion in total assets, the majority of it being cash, and $1.48 billion in profits.
“Another excellent quarter for Tether under several aspects: $1.48 billion of net profit strengthening Tether’s reserves and an increase in the token in circulation of 20% which is a clear indicator of the trust of Tether’s customers which allows Tether to be very optimistic for the future.
Tether closed the first quarter 2023 with $81.8 billion in consolidated total assets. The majority of its reserves are invested in US Treasury bills.”
Tether also revealed for the first time its gold and Bitcoin (BTC) reserves. According to the data, 4% of the firm’s reserves are comprised of gold while 2% of them are made up of BTC.
According to Tether’s chief technology officer Paolo Ardoino, the net profit of $1.48 billion led to an all-time high of surplus over reserves. Furthermore, he notes that the $53 billion worth of US Treasury bills held by the firm is also a new all-time high.
In the report, Ardoino says that Tether added gold and BTC to its reserves’ breakdown in a bid for transparency.
“Looking ahead to Q2, we have an extremely positive outlook and remain committed to transparency, which is why we have introduced new categories in the reserves’ breakdown in our quarterly report to provide even greater transparency to our users.”
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