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Tether, the largest stablecoin in the crypto ecosystem in terms of market value, reported a net profit of 1.5 billion dollars in its 2023 Q1 report last week. In the company’s statement, it was said that Bitcoin would be purchased with 15% of the net profit. The company’s CTO, Paolo Ardoino, made various statements on the matter.
Tether Announces a Net Profit of 1.5 Billion Dollars
Tether, the issuer of USDT, which has become a significant topic of discussion in the public and has come under the radar of many financial regulatory bodies, including the SEC, has consistently been targeted by regulators, including allegations of not having sufficient cash reserves in the past. Despite many people expressing that the Tether company does not display a sufficiently transparent attitude, USDT has continued to grow steadily in recent months compared to most other high market value stable cryptocurrencies.
The company published a comprehensive report last week for the first quarter of 2023. According to the published report, Tether reported a net profit of 1.5 billion dollars for the first quarter. According to the latest announcements from the company, Bitcoin will be purchased with 15% of the profit.
15% of the Profit Will Be Transferred to Bitcoin
In the latest announcement from Tether, it was stated that BTC will be purchased with 15% of the profit obtained in the first quarter. In a statement made by Tether CTO Paolo Ardoino, the company’s BTC investments were mentioned, and he stated that Bitcoin began to be adopted on a large scale, proving itself over the years:
The decision to invest in bitcoin, the world’s first and largest cryptocurrency, is backed by its strength and potential as an investment asset. Bitcoin has continuously proven its resilience and emerged as a long-term store of value with significant growth potential. Its limited supply, decentralized structure, and widespread adoption worldwide have made Bitcoin a preferred option among both institutional and individual investors.
