Tether Reports $2.85B Quarterly Profit Fueled by Interest and Asset Growth
• Tether reported record $2.85B profit last quarter as USDT neared $100B market cap • $1B profit from interest earned on investments backing USDT stablecoin • Rest of profit from BTC and gold appreciation • Through 2022, Tether booked $6.2B net operating profit, $4B from interest • As of Dec 31, Tether had $97B assets backing $91.6B liabilities, meaning $5.4B excess reserves