Tether received $1.5 billion in net profit for the first quarter of 2023

Tether, the issuer of Tether (USDT), the largest stablecoin by capitalization, reported a net profit of about $1.5 billion for the first quarter of 2023. This is more than twice the figure of the previous period – in the fourth quarter of 2022, Tether’s profit amounted to $700 million, writes RBC Crypto.

The company’s press release also notes that in the first three months of the year, the number of tokens issued by it increased by 20%. According to CoinGecko, the market capitalization of the USDT stablecoin as of December 31, 2022 was $66.2 billion, as of April 30 – $81.8 billion. In terms of daily trading volume, Tether ranks first among all cryptocurrencies: over the past 24 hours, this figure amounted to $22.1 billion. In second place is Bitcoin with $12 billion.

“We are delighted with the huge success that Tether has achieved in the first quarter of 2023, with our reserve surplus reaching an all-time high of $2.44 billion. Our net income for the quarter was $1.48 billion, which confirms the reliability and stability of our platform ”, said Tether CTO Paolo Ardoino.

As of May 9, Tether’s consolidated total assets are at least $81.8 billion, liabilities are $79.4 billion. Thus, the company’s excess reserves are at a historical high of $2.44 billion. In Q4 2022, the excess collateral was $960 million .

According to Ardoino, Tether already has an extremely positive outlook for the second quarter of this year.

Source: CryptoNewsHerald.com

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