Tether’s First Quarter Profits Skyrocket to $1.48 Billion

Tether Limited, the company behind the popular USDT stablecoin, has reported a remarkable net profit of $1.48 billion during the first quarter of this year. This figure is twice as high as the previous quarter’s earnings, exceeding even the expectations of CTO Paolo Ardoino. The company’s success was confirmed by the BDO auditor, ensuring the reliability of the disclosed data.

The substantial profits obtained during the first quarter have bolstered Tether’s equity capital. As of March 31, 2023, the company’s total assets stood at $81.8 billion, with liabilities at $79.4 billion, resulting in an equity value of $2.44 billion. This represents a significant increase from the company’s equity of $960 million at the end of 2022.

Tether’s impressive results have been attributed to multiple factors. In addition to the $1.48 billion in net profit, the company’s reserves have been reinforced, and the number of tokens in circulation has expanded by 20%. Tether sees this growth as a testament to customer confidence and a positive outlook for the future. Notably, the company has diversified its reserves, disclosing ownership of $1.5 billion worth of bitcoin and $3.39 billion worth of physical gold bullion, constituting 1.8% and 4.1% of total reserves, respectively.

In recent months, Tether has faced scrutiny from various media outlets. It accused The Wall Street Journal of biased reporting, responding to articles that questioned the company’s operations. Amidst the ongoing discussion surrounding its reserves, Tether had previously announced that it placed reserves with Cantor Fitzgerald and Capital Union, signaling its commitment to transparency and compliance.