Tether Reports Record-Breaking $2.85 Billion Profit Last Quarter as USDT Nears $100 Billion Market Cap

Tether, the stablecoin issuer, has reported a profit of $2.85 billion in the last quarter, with $1 billion coming from interest earned on the company's investments in U.S. Treasury, reverse repo, and money market funds. The rest of the profit came from appreciation of Tether's investments in bitcoin and gold. Tether's USDT stablecoin is now nearing a $100 billion market capitalization, with $97 billion of assets in reserve against $91.6 billion in liabilities as of Dec. 31. Despite concerns about the quality of assets backing USDT, CEO of Cantor Fitzgerald, Howard Lutnick, has dismissed those concerns, stating that Tether actually has the money it claims to have.