Tether, the issuer of the world’s most traded stablecoin, raked in US$1.48 billion in net profit for the first quarter of this year, more than double the previous quarter, according to the company’s reserves report released on Wednesday.
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- Tether said it had US$81.8 billion in consolidated total assets at the end of March, with the majority in U.S. Treasury bills, according to the report.
- At the end of March, the report says the company held US$53 billion in U.S. Treasury bills, US$3.4 billion in gold and US$1.5 billion of Bitcoin.
- The stablecoin issuer was ordered by a U.S. court in September 2022 to issue quarterly reports on the reserves backing its tokens – something the firm offered as part of a February 2021 settlement with the New York State Attorney General.
- In October, Tether said it had slashed its commercial paper holdings to zero to bring down the risk profile of its token’s backing.
- A report by Tether auditor BDO Italia showed that at the end of March, Tether had US$2.44 billion in excess reserves of its tokens in circulation, the largest surplus it has recorded.
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