In its latest attestation report, stablecoin issuer Tether announced that it had achieved a net profit of $1.5 billion in Q1 2023, marking a significant increase from the previous period. Paolo Ardoino, CTO of Tether, lauded the firm’s success, noting that the platform’s reserves’ surplus had reached an all-time high of $2.44B.
The attestation report reveals that Tether’s consolidated total assets amount to at least $81.8 billion, while its consolidated total liabilities are valued at $79.4 billion, demonstrating an overall excess reserve of at least $2.44 billion. This surplus represents an impressive increase from Tether’s Q4 numbers of $960 million.