Introduction
Tether, the issuer of the largest market capitalization stablecoin USDT, has reported a doubling of profits for the first three months of 2023 compared to the previous period.
Tether’s Impressive Q1 Performance
Tether, the issuer of the largest market capitalization stablecoin Tether (USDT), announced a net profit of approximately $1.5 billion for the first quarter of 2023. This is more than twice the amount earned in the fourth quarter of 2022, where Tether’s profit reached $700 million.
According to the company’s press release, the number of tokens issued by Tether increased by 20% during the first three months of the year. CoinGecko data reveals that the market capitalization of USDT stood at $66.2 billion on December 31, 2022, and grew to $81.8 billion by April 30. Tether holds the top position in terms of daily trading volume among all cryptocurrencies, with a 24-hour trading volume of $22.1 billion. Bitcoin follows in second place with $12 billion.
Paolo Ardoino, the CTO of Tether, expressed excitement over the tremendous success achieved in the first quarter of 2023. He highlighted the record high reserve surplus of $2.44 billion and the net profit of $1.48 billion, which reaffirms the platform’s reliability and stability.
Tether’s Financial Position
As of May 9, Tether’s consolidated total assets amounted to no less than $81.8 billion, with liabilities of $79.4 billion. This means that the company’s excess reserves have reached a historical high of $2.44 billion. In the fourth quarter of 2022, the excess collateral was $960 million.
Ardoino further stated that Tether has a highly positive outlook for the second quarter of this year.