Tether's Net Profit Hits Record $4.5 Billion in Q1
💰 Tether, the company behind the USDT stablecoin, reported a record-breaking net profit of $4.52 billion from January to March.
💲The company generated roughly $1 billion in operating profit, largely from interest earned on 🇺🇸 U.S. Treasury obligations, according to the financial report.
💵 Investments in these treasury instruments surpassed $74.2 billion, with the total assets, including cash and other equivalents like those held through repurchase agreements, reaching $92.7 billion.
⬆️ Tether’s equity rose to $11.37 billion, and its excess reserves increased by $1 billion to $6.26 billion.
👀 The issuance of USDT surged by $12.5 billion in the first quarter, bringing the total to $110.3 billion. The audit firm BDO verified that 90% of the tokens are backed by cash or cash equivalents.
