Stablecoin issuer Tether has notched a record quarterly net profit at a time during which the company is broadening its scope.

Tether tallied an all-time high net profit of $4.52 billion in the first quarter, according to a Wednesday attestation report by auditing firm BDO.

Tether’s first quarter net operating profits of $1 billion were driven by its US Treasury holdings, the company added. Other profits stemmed from mark-to-market gains in its bitcoin and gold positions.

Bitcoin’s price hit a new peak of about $73,000 in mid-March before trending downward in April.

The $4.52 billion total obliterates the former record of $2.85 billion in net profit gathered during the last three months of 2023.

Source https://blockworks.co/news/tether-smashes-former-net-profit-record Show Less