On Wednesday, May 10, Tether, the stablecoin issuer, released the results for the first quarter of the year (Q1 2023) and announced a net profit of $1.48 billion, which is double the profit of $700 million in the same period last year. Moreover, Tether reported that USDT circulation increased by 20 percent.
As we know, concerns surrounding the de-pegging of Circle’s USDC stablecoin and the drop in BUSD circulation also benefited Tether’s USDT.
According to the consolidated results report for Q1 2023, Tether’s total assets stood at $81.8 billion by the end of March 23, with the majority of them being the US Treasury Bills. It is interesting to note that the stablecoin issuer disclosed its Bitcoin and gold holdings, revealing that it holds a large quantity of both on its balance sheet for the first time.
Tether holds a total of $3.4 billion worth of gold and $1.5 billion in Bitcoins in its reserves, with gold and Bitcoins accounting for 4 percent and 2 percent of its total reserves, respectively. The company’s reserves have reached an all-time high of $2.44 billion.
Tether currently dominates the stablecoin market with a market cap of over $82 billion and is currently the third-largest cryptocurrency by market cap. Interestingly, in addition to the USD, Tether issues stablecoins pegged to other currencies and gold, although their market share is quite small compared to USDT.
Additionally, Tether continues to increase the circulation of USDT every time. During the period between January to March, Tether held a total of $2.44 billion in excess reserves.
Also Read: Tether to Launch Stablecoin USDT on Tezos
