Tether generated a profit of $ 1.5 billion in the first quarter of 2023 and holds 2 % Bitcoin in the total reserves

Tether generated a profit of $ 1.5 billion in the first quarter of 2023 and holds 2 % Bitcoin in the total reserves

In the middle of bank turmoil in the United States, Tether (USDT) developed into a preferred stablecooin.

The upswing became clear in the most recent attestation report, which shows that the stable coin emittent in the first quarter of 2023 recorded a net profit of almost $ 1.5 billion.

According to the official statement, Tether's surplus reserves reached an all-time high of $ 2.44 billion in the first quarter, compared to $ 960 million at the end of the fourth quarter of 2022.
• The StableCoin ended the first quarter of the year with a consolidated total assets of $ 81.8 billion, while its consolidated total liabilities were almost $ 79.4 billion.
• The reserves of Tether included additional categories such as Bitcoin, physical gold, overnight repo and corporate bond divisions. The Bitcoin stocks were estimated to be $ 1.5 billion, while the precious metal stocks were $ 3.3 billion.
• 85 % of the StableCoin issuers' systems are kept in cash, means of payment and other short-term deposits. Gold and Bitcoin make up about 4 % or 2 % of the total reserves.
• Tether said that it doubles his focus on the limitation of its dependence on pure bank deposits as a source of liquidity and "instead uses the repo market as an additional measure to ensure higher protective standards for its users by maintaining the necessary liquidity."
• Paolo Ardoinino, CTO of Tether, commented on the quarterly win as follows:

"We are enthusiastic about the enormous success that Tether achieved in the first quarter of 2023. With a view to the second quarter, we are extremely positive and remain committed to the transparency, which is why we introduced new categories in the breakdown of the reserves in our quarterly report." offer our users even more transparency. ”

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