Tether posts $1.04 billion Q1 profit, reaches $8.23 billion reserve buffer


The stablecoin issuer said the crypto market was highly volatile during the first quarter.

What to know:
Tether reported first-quarter net profit of $1.04 billion and said its excess reserves rose to a record $8.23 billion.
The issuer of the USDT stablecoin said its total assets are just under $192 billion against liabilities of slightly more than $183.5 billion, with most reserves in U.S. government-backed instruments.
Tether now counts roughly $20 billion in physical gold and about $7 billion in bitcoin among its reserves, as stablecoins see growing use in international payments.
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