Tether reported a net profit of $1.48 billion for the first quarter of 2023, more than double the fourth quarter of 2022 net profit.
“We are delighted with the tremendous success Tether has enjoyed in Q1 2023, with our reserve surplus hitting an all-time high of $2.44 billion,” said Paolo Ardoino, CTO of the company. Tether said.
“Our net profit for the quarter was $1.48 billion, a testament to the strength and stability of our platform.”
Tether’s total consolidated assets amount to at least $81.8 billion as of May 9, while total consolidated debt is $79.4 billion, reportedly, reflecting excess reserves at least. $2.44 billion – an all-time high. Excess reserves are much higher than Tether’s Q4 2022 figure of $960 million.