Tether, a stablecoin issuer, reported a “record-breaking” $2.85B profit last quarter as USDT approached a $100B market cap. $1B profit stemmed from interest on vast U.S. Treasury investments backing USDT, per Tether. The rest, from appreciation of BTC and gold. Latest report by BDO Italy revealed $97B assets versus $91.6B liabilities, translating to $5.4B excess reserves. Despite concerns, Cantor Fitzgerald CEO assured Tether’s asset backing.
Tether Reports Record $2.85B Profit as Biggest Stablecoin Nears $100B Market Cap
