Tether announces $1.48 billion profit in Q1 2023 and adds Bitcoin and gold to reserves.

05/11 18:50

Tether, a stablecoin issuer, has reported a profit of $1.48 billion for Q1 2023, thanks to higher returns on its reserves due to rising interest rates. The company also revealed that it now holds physical gold and Bitcoin as part of its reserves, with 4% in gold and 2% in Bitcoin. Tether's surplus reserves now stand at a record high of $2.44 billion, and it has increased the number of tokens in circulation by 20% during the quarter. The majority of Tether's consolidated total assets are held in US Treasury Bills, and the company has reduced its reliance on pure bank deposits.
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