Tether Reports All-Time High Net Profit of $1.48 Billion in Q1 2023
BDO Italia, one of the major international networks of audit and professional services, has revealed that Bitcoin now makes up nearly 2% of the total Tether reserves, equating to around $1.5 billion at the end of Q1. This comes after Tether released its Q1 2023 results, reporting a net profit of $1.48 billion, which is an all-time high for the stablecoin issuer.
BDO Italia included information about its Bitcoin and precious metal holdings in its report to increase transparency for the holders of Tether. The previous report did not list Bitcoin as a line item. The accounting firm stated that Tether has around $3.4 billion worth of assets, with precious metals given in their own line item.
Tether’s success in the crypto market is evident, as its circulation of USDT has increased by over 20%, resulting in it reaching its all-time high of around $81.8 billion. The stablecoin issuer’s investors have faith in its ability to maintain its value, which is reflected in its increasing market cap.
Tether’s success may have had an impact on Circle’s USDC, its largest competitor. USDC depegged in the secondary market in March due to concerns about the failure of Silicon Valley Bank. Although it regained its peg quickly, its market cap continued to decline.
In conclusion, Tether’s Q1 2023 results and BDO Italia’s report highlight the stablecoin issuer’s success and increasing transparency for its investors. With its increasing circulation and all-time high, Tether has proven itself to be a reliable and valuable asset in the crypto market.
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