Tether’s market cap, which was $66.24 billion on January 1st, increased to $82.83 billion as of May 16. Here’s a deeper dive into Tether’s Q1 2023 performance.
The company behind the largest stablecoin (USDT) in terms of market cap, Tether, recently published an attestation report based on its first-quarter performance in 2023. Apart from shedding light on its reserves, the company also mentioned its holdings of gold and Bitcoin for the first time in history. Here’s a deeper dive into Tether’s Q1 2023 performance.
Tether Q1 2023 Performance
Tether’s market cap, which was $66.24 billion on January 1st, increased to $82.83 billion as of May 16. Additionally, it achieved a record net profit of $1.48 billion, which is double the $700 million net profit the company recorded in Q4 2022.
The report was released during a tumultuous time for both, the US stock market, which has been affected by an ongoing banking crisis, and the crypto market, which has seen restrained growth amid wider economic uncertainties.