Tether Reports Record $2.85B Profit as Biggest Stablecoin Nears $100B Market Cap
Summary
Tether reported a $2.85 billion profit last quarter, with $1 billion from interest on U.S. Treasury investments backing USDT. The rest came from appreciation of other investments like bitcoin and gold. The company holds $97 billion in assets against $91.6 billion in liabilities, with $5.4 billion in excess reserves. USDT's market capitalization is nearing $100 billion, benefiting from rising interest rates and not passing on yield to holders. Tether also invests in other digital currencies and industries. Howard Lutnick of Cantor Fitzgerald defended Tether's asset quality.
