Tether, the issuer of the USDT stablecoin, reported a profit of $1.48 billion in the first quarter of 2023, according to its latest assurance report.
Tether Reports $1.48 Billion Profit in Q1, Discloses Bitcoin and Gold Reserves
Tether, the issuer of the USDT stablecoin, reported a profit of $1.48 billion in the first quarter of 2023, according to its latest assurance report. The report also reveals that Tether has increased its reserves of bitcoin and gold, with bitcoin now accounting for roughly 2% of its reserves and gold making up 4% of its assets. Tether's transparency report comes amid increased scrutiny of stablecoins by regulators, who are concerned about their potential impact on financial stability and possible use by criminals.
The report also shows that Tether's total assets under management (AUM) have grown to around $81.8 billion, a significant increase from the roughly $67 billion reported at the end of 2022. Tether's growth has been fueled by the increasing demand for stablecoins as a means of transacting in the crypto markets, as well as the rise of decentralized finance (DeFi) platforms that use stablecoins as collateral. Tether's transparency report is intended to provide reassurance to investors and regulators alike, as rumors regarding whether the stablecoin issuer has sufficient assets to cover their liabilities have swirled over its many years of existence.