Tether Holds More Gold than Bitcoin as Q1 Profit Swells to $1.48B
Tether, the world’s largest stablecoin issuer, ended the first quarter 2023 with net profits of $1.48 Billion, which is double the $700 MILLION it earned in the quarter before. The company also confirmed that token circulation increased by 20 percent.
The consolidated reserve report signed by BDO Italia shows that Tether’stotal asset at the end March was $81.8 billion. Most of the assets were in US Treasury Bills.
The stablecoin issuing company also has $1.5 billion and $3.4 billion worth of gold in its balance sheet. This represents 2 percent and 4 %, respectively, of its total reserves. This is the first time Tether revealed its Bitcoin and Gold holdings.
As part of Tether’s normal and ongoing risk management process, we continue to monitor and adjust the return of all assets in our portfolio as the economic climate changes.
Tether discloses that they are trading bitcoin. Imagine a stablecoin backed by volatile tokens that are controlled by… Tether.
Tether can be used to inflate bitcoin’s price and cover any shortfalls. pic.twitter.com/RX6EPpiEyP– Bitfinex’ed Kassandra (@Bitfinexed) May 10, 2023
The largest stablecoin issuer
Tether’s USDT is a US dollar-pegged stablecoin that has a market capitalization of more than $82.6 Billion, according to Coinmarketcap. The company also offers cryptocurrencies that are pegged to gold and other currencies, but the market share of these cryptocurrencies is only a small fraction of USDT.
The company also continues to increase its USDT circulation. Tether’s excess reserves were $2.44 billion between January and March.
“Looking forward to Q2, we are extremely optimistic and committed to transparency. This is why we introduced new categories to the breakdown of reserves in our quarterly report, to provide greater transparency to our customers,” Ardoino said.
Tether now ensures transparency with the consolidated reports. The company was criticized earlier for not having adequate reserves. Tether, Bitfinex and the US Commodity Futures Trading Commission settled claims of misleading statements in 2021 by paying $42.5million.
Tether, the world’s largest stablecoin issuer, ended the first quarter 2023 with net profits of $1.48 Billion, which is double the $700 MILLION it earned in the quarter before. The company also confirmed that token circulation increased by 20 percent.
The consolidated reserve report signed by BDO Italia shows that Tether’stotal asset at the end March was $81.8 billion. Most of the assets were in US Treasury Bills.
The stablecoin issuing company also has $1.5 billion and $3.4 billion worth of gold in its balance sheet. This represents 2 percent and 4 %, respectively, of its total reserves. This is the first time Tether revealed its Bitcoin and Gold holdings.
As part of Tether’s normal and ongoing risk management process, we continue to monitor and adjust the return of all assets in our portfolio as the economic climate changes.
Tether reveals that they are trading bitcoin. Imagine a stablecoin backed by volatile tokens that are controlled by… Tether.
Tether can be used to inflate bitcoin’s price and cover any shortfalls. pic.twitter.com/RX6EPpiEyP
– Bitfinex’ed Kassandra (@Bitfinexed) May 10, 2023
The largest stablecoin issuer
Tether’s USDT is a US dollar-pegged stablecoin that has a market capitalization of more than $82.6 Billion, according to Coinmarketcap. The company also offers cryptocurrencies that are pegged to gold and other currencies, but the market share of these cryptocurrencies is a small fraction of USDT.
The company also continues to increase its USDT circulation. Tether’s excess reserves were $2.44 billion between January and March.
“Looking forward to Q2, we are extremely optimistic and committed to transparency. This is why we introduced new categories to the breakdown of reserves in our quarterly report, to provide greater transparency to our customers,” Ardoino said.
Tether now ensures transparency with the consolidated reports. The company was criticized earlier for not having adequate reserves. Tether, Bitfinex and the US Commodity Futures Trading Commission settled claims of misleading statements in 2021 by paying $42.5million.