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This is How Much Tether Made in Q1 of 2023 Alone

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By Brennan Forrest - - 5 Mins Read
Tether USDT coin, logo
Tether stablecoin (Unsplash)

Following a recent reserves report attested by BDO Italia, one of the biggest stablecoin issuers in the crypto industry, Tether has reportedly made a whopping $1.5 billion in profits for the quarter 1 of 2023 only. The report by BDO Italia is comprehensive as it comes with all details about Tether's financial situation at the moment.

The report showed that Tethers had made incredible progress in increasing their reserves. The reserves of the stablecoin have risen to a whopping $2.44 billion. In their reserve information, the company noted that they would be adding physical gold as part of their reserve category.

The data obtained from the report shows that Tether has had a healthy first quarter of the year. The stablecoin has been experiencing growth in value and the profits it has been making. The circulation of the token has also made giant strides within the months of 2023. The circulation of Tether has increased by an astronomical 20%. The value of consolidated assets in the stablecoin has also increased. The stablecoin Tether saw its value of consolidated assets increase by about $81.8 billion, and the majority of this figure is said to be invested in the US treasury bill.

"Tether closed the first quarter of 2023 with $81.8B in consolidated total assets. The majority of its reserves are invested in US Treasury Bills. It has also been working to reduce its reliance on pure bank deposits as a source of liquidity and instead leverage the Repo market as an additional measure to ensure higher standards of protection for its users by maintaining the required liquidity," Tether USDT stated in their report. 

Tether USDT Happy with Their Achievements 

Paolo Ardoino, CTO of Tether, expressed how happy he was with the company's progress within the first months of 2023. A doino said the company was delighted with how they handled things in recent months. H noted that the company would be making much more progress within the remaining months of 2023. 

"We are thrilled with the tremendous success Tether has achieved in Q1 2023, with our reserves' surplus reaching an all time high of $2.44B. O r net profits for the quarter were $1.48B, a testament to the strength and stability of our platform. Continue to monitor the risk-adjusted return on all assets within our portfolio on an ongoing basis and expect to make further changes as the overall economic environment changes and the market cycle progresses as a part of our normal, ongoing risk management processes," Paolo Ardoino, CTO of Tether said. 

"Looking ahead to Q2, we have an extremely positive outlook and remain committed to transparency, which is why we have introduced new categories in the reserves' breakdown in our quarterly report to provide even greater transparency to our users," he added. 

Not Everyone is Thrilled 

The Stablecoin Tether team might be happy with their accomplishments within the first quarter of 2023, but not everyone is happy. The former SEC official John Reed Stark has shared his thoughts about Tether. 

According to the former SEC chairman, the public still needs to be wary of how they deal with Tether USDT. He mentioned that the audit/report done by BDO Italia was private and wasn't a traditional financial audit.