Including Gold And Bitcoin, Tether Reported $1.48 bn Profit In Q1

Stablecoin issuer Tether (USDT) says it made almost $1.5 billion in Q1 alone, and it also shared new information about its funds.

According to a new attestation report from the company, Tether ended the first quarter of the year with total assets of $81.8 billion, most of which were cash, and earnings of $1.48 billion.

“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 shared its gold and Bitcoin (BTC) reserves for the first time. The data shows that 4% of the company’s reserves are made up of gold and 2% are made up of BTC.

Paolo Ardoino, Tether’s chief technology officer, said that the net profit of $1.48 billion led to the highest amount of surplus over savings ever. He also says that the firm’s holding of $53 billion in US Treasury bills is a new all-time high.

Ardoino says in the story that Tether added gold and BTC to the breakdown of its reserves to be more open.

“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.”