Tether earned $1.48 billion in net profit in the first quarter
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According to the results of January-March, Tether Limited, the USDT stablecoin issuing company, recorded a net profit of $1.48 billion, which is twice as high as in the previous period. forklog writes about it.
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Profits of Tether Limited
The indicator turned out to be twice as high as expected by the company’s CTO Paolo Ardoino. In the fourth quarter of 2022, the net profit amounted to $700 million.
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 Allocations pic.twitter.com/xUwOf4n1o7
— Tether (@Tether_to) May 10, 2023
The authenticity of the data specified in the document has been confirmed by the BDO auditor.
The resulting profit replenished the company’s equity capital.
As of March 31, 2023, the company’s assets reached $81.8 billion, liabilities — $79.4 billion, equity — $2.44 billion. The last figure at the end of 2022 was $960 million.
“Another excellent quarter for Tether on several fronts. $1.48 billion in net profit, strengthening reserves and increasing the number of tokens in circulation by 20%. The latter is an indicator of customer confidence, which allows the company to look to the future with great optimism,” the document says.
Read: Tether released another billion USDT on the Ethereum blockchain
In the attestation report, the company for the first time included additional categories in the inventory data.
Tether Limited disclosed that it owns $1.5 billion worth of bitcoins and $3.39 billion worth of physical gold bars. They represent 1.8% and 4.1% of total reserves, respectively.
The largest share of USDT collateral (84.7%) is kept in cash, cash equivalents and short-term deposits.
Register and buy cryptocurrency The structure looks like this:
- US Treasury bills — 76.15%;
- promissory notes of other countries — 0.07%;
- overnight repo operations — 10.8%;
- urgent repo operations — 1.1%;
- money market funds — 10.7%;
- deposits in commercial banks — 0.7%.
“Tether is working to reduce dependence on deposits as a source of liquidity, considering the repo market as an additional measure to ensure high standards of protection for its users,” the report explains.
Let’s remind
USDT is the leader among existing stablecoins and is the third cryptoasset by market capitalization, second only to Bitcoin and Ethereum (ETH). Pairs with Tether account for 80% of the total trading volume on centralized crypto exchanges.
According to Kaiko, only in pairs with bitcoin USDT lost the lead to the stablecoin TrueUSD (TUSD). USDT is issued on 13 blockchains such as Ethereum, Solana, Algorand, Tron, BNB Chain and Polygon. The Tron network has the largest stablecoin volume — 45 billion USDT. 35 billion tokens have been issued on Ethereum. In addition to USDT, the company issues stablecoins EURТ (Euro Tether), MXNT (Mexican Peso Tether) and the token XAUT (Tether Gold), linked to the gold rate. At the end of last year, the CNH Tether (CNHT) stablecoin with parity to the Chinese yuan, released on the Tron blockchain, was added to them.
Source: Ministry of Finance
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