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.
USDT stablecoin issuer, Tether, said it had a net profit of $1.48 billion in the first quarter, more than double that of the fourth quarter of 2022, in its latest report .
“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.
