Earnings

Stablecoin giant Tether records surprise $700 million profit

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Tether previously claimed its stablecoin was backed 1-to-1 by U.S. dollars.

Justin Tallis | Afp | Getty Images

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…



Source cnbc.com

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