USDT Stablecoin Issuer Tether Reports $1.48B Net Profit in Q1 2023
- Tether reportedly had $81.8B in consolidated total assets at the end of the Q1 of 2023.
- Ardoino said that the company will routinely evaluate the risk-adjusted return on all assets.
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. Many digital assets had a dramatic gain in value during this time, which may be attributed to the general revival of the crypto market.
Tether's Latest Q1 2023 Assurance Report Shows Reserves Surplus At All-Time High of $2.44B, up $1.48B in Net Profit; New Categories for Additional Transparency Reveals #Bitcoin and #Gold Allocationshttps://t.co/G7QWB2VXqd pic.twitter.com/xUwOf4n1o7
— Tether (@Tether_to) May 10, 2023
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.
Strong Reserves Backing
The Consolidated Reserves Report (CRR) for Tether likewise showed that the company’s assets were greater than its liabilities. With a total liability of $79,390,359,036, of which US$79,372,401,626 is related to digital tokens issued, the Group has a positive net worth of at least $81,833,149,345.
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. Ardoino further said that the company will routinely evaluate the risk-adjusted return on all assets.
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. Interestingly, this news comes not long after the corporation reported a fourth-quarter profit of $700 million in 2022.
Tether has been the target of criticism and attention in the past, notably in regards to the openness of its reserve holdings, despite its profitability.
Read more: https://thenewscrypto.com/usdt-stablecoin-issuer-tether-reports-1-48b-net-profit-in-q1-2023/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
