Tether Reports $1.48B Profit in Q1 2023
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Stablecoin issuer Tether has revealed it had made $1.48 billion in profit in Q1, 2023, bringing excess of reserves up to $2.44 billion.

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According to a blog post, the USDT issuer closed the first quarter 2023 with $81.8 billion in consolidated total assets. Tether highlighted the majority of its reserves are invested in US Treasury bills, as the firm wants to reduce its reliance on pure bank deposits. Moreover, the firm says the majority of its investments are held in cash, cash equivalents, and other short-term deposits.

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Tether makes money in a few ways. One includes charging fees for withdrawing over $1,000 in USDT (with a minimum withdrawal requirement amount of $100,000). The other includes investments in tokens, precious metals and from issuing loans to other institutions, the report notes.

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