Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Tether, the issuer of the largest market capitalization stablecoin USDT, has released its report for the first quarter of the year, detailing its reserves and net profit.
Related Posts
According to Tether’s report, the net profit for the initial three months of the year amounted to $1.04 billion, while the company’s excess reserves at the end of the first quarter reached a record $8.23 billion. This figure has been generated from accumulated profits and is viewed as a safeguard beyond the obligations related to the issued coins.
The majority of assets, totaling $141 billion, are invested in U.S. Treasury bonds, positioning the company as one of the largest holders of U.S. government debt. Additionally, Tether’s reserves include approximately $20 billion in gold and around $7 billion in Bitcoin.
The total asset volume of Tether has surpassed $191.7 billion, with liabilities around $183.5 billion, most of which are attributed to issued stablecoins.
CEO Paolo Ardoino emphasized that the company’s priority remains ensuring the stability of USDT. He noted that the demand for the stablecoin continues to be strong, with the supply of the asset increasing by more than 5 billion USDT just in April.
Previously, the Financial Times reported that Tether has selected KPMG, a member of the “Big Four,” to conduct a comprehensive audit of its reserves and financial reporting.
