Stablecoin : Tether (USDT) announces $1.48 billion profit for Q1 2023
Bitcoin and altcoins

Stablecoin : Tether (USDT) announces $1.48 billion profit for Q1 2023

In its latest quarterly report, Tether announces a profit of $1.48 billion. The USDT stablecoin issuer also reports holding physical gold and Bitcoin.

Indeed, USDT has seen significant growth in earnings and circulation since the beginning of the year. According to Tether’s recent report, the token has grown by 20%. Tether, the stablecoin issuer, surpassed Visa and Mastercard and posted $1.5 billion in profits in the first quarter, bringing its reserves to $2.44 billion.

Tether : Much more than expected!

Profits much higher than expected as the stablecoin expected to make a profit of $700 million. USDT, which today represents more than $82 billion in the crypto trading market.

As a reminder, in order to make money and generate revenue by issuing stablecoin, Tether charges a $1,000 withdrawal fee, for example (with a minimum withdrawal requirement of $100,000), it also invests funds in other cryptocurrencies in the market.

Having substantial funds in dollars, Tether makes loans to other institutions that allow it to earn interest on large sums.

Paolo Ardoino, CTO and spokesperson for Tether, said:

“We are delighted with the huge success Tether has achieved in the first quarter of 2023, with our surplus reserves reaching a record $2.44 billion.”

At the end of March, Tether thus “separately” held $1.5 billion in bitcoin, representing about 2% of its assets, and $3.4 billion in gold.

“The RRC is providing additional categories for the first time in an effort to increase transparency in the reporting of Tether’s reserves,” the document reads.

The $1.5 billion profit posted by Tether in the first quarter of 2023 allows the company to consolidate its place as the global leader in stablecoins despite the many criticisms and rumors that regularly circulate about it.

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