Tether records surprise profit as stablecoin giant aims to put reserve controversy behind it
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- 10 Feb 2023
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Tether on Thursday said it generated $700 million of profit in the December quarter, which the firm has used to boost its reserves.
Tether on Thursday published its latest quarterly financials, with the world’s top stablecoin issuer stating publicly for the first time that it generated a profit.
Tether, which is owned by Hong Kong-headquarter Ifinex, said in a new attestation report that it made a $700 million “net profit” in the December quarter. The company says it has added the money to its reserves.
Tether said its latest quarterly results were buoyed by interest rate hikes by the U.S. Federal Reserve, which have resulted in higher yields on government debt. “Tether is not disclosing any financial information other than those reported in the CRR [Consolidated Reserves Report],” Tether told CNBC in emailed comments.
Tether makes money from various fees, including a $1,000 withdrawal fee (with a minimum withdrawal requirement of $100,000), as well as investments in digital tokens and precious metals as well as issuing loans to other institutions. Read More…
