Tether, the company behind the most widely used stablecoin, USDT, has announced that it expects to report a profit of $700m for Q1 2023
Highlights
- Tether, the company behind the most widely used stablecoin, USDT, has announced that it expects to report a profit of $700m for Q1 2023.
- The projected profit would match the profit of Q4 2022, which was also $700 million.
- It means that Tether would have a total of $1.6 billion in excess reserves by the end of March 2023 and an increase in its circulation of 18%, reaching $78b as of this writing.
- Most of Tether’s reserves are now invested in short-term US Treasury bills after reducing its exposure to commercial paper last year.
- Tether intends to invest 20% of its profits in strategic projects that benefit its ecosystem and users.
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