Tether totals $1.5 billion in Q1 earnings

A report on Tether reserves attested by BDO Italia was recently published. The document contains information on Tether’s assets as of March 31, among other things. It appears that one of the main issuers of stablecoins has made significant profits in the first quarter. Here is what it is.

Profits that demonstrate the stability of Tether!

Since the start of the year, USDT has seen tremendous growth in earnings and circulation. The report published recently by Tether indicates a 20% increase for the token. The stablecoin issuer even managed to explode the counters against Visa and Mastercard! Also, it recorded $1.5 billion in profits in the first quarter. This enabled it to increase its reserves to 2.44 billion dollars.

The report revealed a total of $81.8 billion for Tether’s consolidated assets. He said most of these were invested in US Treasuries. That said, the news comes 3 weeks after Tether hit 1 billion USDT on Ethereum. The minting happened to cement the crypto company’s dominance in the stablecoin market.

In addition, Paolo Ardoino, technical director of Tether, gave his opinion on the results of the first quarter of the issuer. He said that the net profits reflect the stability of the platform.

Former SEC official doubts Tether

Former SEC official John Reed Stark disagrees with Ardoino. Indeed, he was worried about the activities of the issuer of stablecoins. He explained that an attestation report is not similar to a traditional financial audit.

Stark suggested that the issuer must provide a certified financial audit before attesting to its financial stability. He also discussed the company’s regulatory status. He pointed out that it is not registered with the SEC. He then questioned the protection it offers to investors.

Tether’s report unveils a new project that involves reducing the issuer’s reliance on traditional bank deposits. To do this, the company decided to engage in the Repo market. It thus intends to succeed in guaranteeing increased security and fluidity for its users. The move comes some time after Tether denied taking out loans from Celsius.