Tether, said it made a net profit of $1.5 billion according to its first quarter report, which is more than double the previous period.
Tether CTO Paolo Ardoino “We are very excited about the tremendous success of Tether in the first quarter of 2023 and the fact that our reserve surplus has reached an all-time high of $2.44 billion. “Our net profit for the quarter was $1.48 billion, which is a testament to the strength and stability of our platform.”
Bitcoin Represents 2% of Total Reserve
According to the statement, Tether’s consolidated total assets stood at at least $81.8 billion as of May 9, while its consolidated total liabilities stood at $79.4 billion.
For the first time, Tether has included additional categories in its reserve reporting. These categories included Bitcoin, physical gold, overnight repos and corporate bond allocations. According to the data, Tether holds $1.5 billion worth of Bitcoin and $3.3 billion worth of precious metals.
Tether’s investments 85 percent He said 5% of them are held in cash, cash equivalents and other short-term deposits. Gold and Bitcoin total reserves are about approx. 4 percent and 2 percentrepresents the part.
Ardoino He continued: “We continue to monitor the risk-adjusted return on all assets in our portfolio on an ongoing basis. “As part of our ongoing risk management processes, we expect to make further changes as the overall economic environment changes and the market cycle progresses.”
In addition to these, Ardoino stated that they had an extremely positive outlook for the second quarter and that they continued their commitment to transparency.
