Tether: Net profit for the first quarter was $1.48 billion, with excess reserves reaching $2.44 billion

ChainCatcher news, Tether announced the completion of an audit conducted by the independent accounting firm BDO Italia, showing that Tether's net profit for the first quarter of 2023 reached $1.48 billion, more than doubling from the previous quarter, bringing its excess reserves to $2.44 billion, far exceeding the $960 million in the fourth quarter of 2022.

Tether stated that as of May 9, Tether's total assets were at least $81.8 billion, with liabilities of $79.4 billion. Of the reserve assets, 85% are held in the form of cash, cash equivalents, and other short-term deposits. The value of precious metals and Bitcoin accounts for about 4% and 2% of the total reserves, respectively. (source link)