Tether Generated $1.5B in Profits in Q1, 2023, Holds 2% Bitcoin in Total Reserves
USDT’s market cap has increased by nearly 25% since the beginning of the year. The resurgence was evident in its latest attestation report, which revealed that the stablecoin issuer recorded a net profit of nearly $1.5 billion in the first quarter of 2023. According to the official statement, Tether’s excess reserves reached an all-time high of $2.44 billion in Q1, as compared to $960 million at the end of Q4 2022.
The stablecoin ended the first quarter of the year with $81.8 billion in consolidated total assets, while its consolidated total liabilities stood near $79.4 billion. Tether’s reserves included additional categories such as bitcoin, physical gold, overnight repo, and corporate bond allocations. Its Bitcoin holdings were recorded to be $1.5 billion, while that of precious metals accounted for $3.3 billion. 85% of the stablecoin issuer’s investments are being held in cash, cash equivalents, and other short-term deposits. Gold and bitcoin represent approximately 4% and 2% of the total reserves, respectively