Tether reports $1.48 billion net profit in Q1 2023

Tether reports $1.48 billion net profit in Q1 2023

Altcoin news, News, Stablecoins

Tether Holding Limited, a stablecoin issuer, has announced that its reserves surplus has increased to $2.44 billion, a $1.48 billion up in net profit. The resurgence of the cryptocurrency market as a whole may be responsible for the meteoric price increases seen in a great deal of digital assets during this time period.

Tether reportedly had $81.8B in consolidated total assets at the end of the first quarter of 2023, with the overwhelming bulk of its reserves placed in US Treasury Bills. Tether’s remarkable success is a reflection of the faith its customers have in the company and gives it reason for optimism about the future.

Solid Support from Available Reserves

The Consolidated Reserves Report (CRR) for Tether also demonstrated that the organization’s assets were higher than its liabilities at the time of the report’s creation. The Group has a positive net worth of at least $81,833,149,345 despite having a total liability of $79,390,359,036, of which $79,372,401,626 is related to digital tokens issued.

Tether’s Chief Technology Officer, Paolo Ardoino, commented on the report, noting that the company’s net profit demonstrates the platform’s robustness and durability. In addition, Ardoino stated that the organization will consistently assess the risk-adjusted return on all of the assets.

tether 14B jpeg

In addition, he said that Tether plans to make more adjustments as part of its normal, and ongoing risk management operations as the larger economic environment shifts and the market cycle unfolds. It’s interesting to note that this piece of news arrived not too long after the company announced a profit of 700 million dollars for the final quarter of 2022. Despite the fact that it is profitable, Tether has in the past been the subject of scrutiny and attention due, in large part, to the fact that it discloses information about its reserve holdings.

Compiled by Coinbold