Tether Reports $1.5 Billion Profit
Tether has extended its lead in the stablecoin market.
Tether Holdings, the company behind the world’s largest stablecoin, reported a first-quarter net profit of $1.5 billion, more than double what it earned in the previous quarter.
Tweet on Tether
Tether Holdings, the company behind the world’s largest stablecoin, reported a first-quarter net profit of $1.5 billion, more than double what it earned in the previous quarter, @wsj reports#Tether #BTCUSD #StableCoin https://t.co/U8BotyxzsE
— The_Journalbiz (@the_journalbiz) May 10, 2023
WSJ on Tether earnings
Tether’s report was part of its latest attestation, conducted by accounting firm BDO Italia. Unlike a full audit, an attestation only captures a company’s financials at a point in time.
The attestation shows the firm ended the first quarter with $82 billion in consolidated total assets, up from $67 billion at the end of 2022.
At the end of March, Tether held more than $69 billion in cash and cash equivalents, $53 billion of which were invested in Treasury bills. At the end of 2022, Tether held $55 billion in cash and cash equivalents, with $39 billion invested in Treasury bills.
Tether for the first time disclosed its bitcoin holdings, which amounted to $1.5 billion at the end of March. Tether said gold and bitcoin represent about 4% and 2% of its total reserves, respectively.
Tether also broke down its reserves held in precious metals and corporate bonds for the first time, which stood at $3.4 billion and $141 million, respectively, at the end of March. In the previous quarter, precious metals, corporate bonds and funds together amounted to about $3.4 billion.
