Tether Reports $1.48 Billion Profit in Q1 2023

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Tether, the issuer of the firstcapitalization of the USDT stablecoin, announced its results for the first quarter of 2023. According to the report, the company's net profit was $1.48 billion.

The company's total assets reached $81.8 billion.Of this, approximately $2.44 billion is declared as excess reserves to support the liquidity of the USDT stablecoin. According to accounting firm BDO Italia, the majority of Tether's reserves come from US Treasury bills.

In addition, Tether owns a reserveBitcoin (BTC) worth $1.5 billion (about 2% of total assets) and $3.4 billion in gold reserves, which is about 4% of total assets.

“We constantly monitorrisk-adjusted returns of all assets in our portfolio and make the necessary adjustments as the general economic environment changes,” Tether CTO Paolo Ardoino commented on the report.

In its quarterly report, Tether disclosed for the first timedata on your reserves in military-technical cooperation and gold. Although the company’s gold reserves exceed cryptocurrency reserves by 2 times, the very fact of reserving funds in bitcoins caused bewilderment among some of the crypto community.

“It turns out that Tether trades bitcoins.Imagine a stablecoin backed by highly volatile assets that can be manipulated. Tether may inflate the price of BTC to cover any shortfall,” tweeted a Bitfinex’ed user.

According to the latest USDT stablecoin issuer attestation for February 2022, the company's consolidated assets exceeded its consolidated liabilities by $140 million.