Tether generates $1.5B revenue in Q1 2023, Binance CEO shocked!

Binance crypto exchange CEO is shocked with the crypto business performance of Tether.

Tether is a stable coin crypto firm. This stablecoin firm is a subsidiary of the Bitfinex crypto exchange. Tether provides USDT stablecoin in the crypto market & maintains all the financial operations behind USDT, to maintain the value of each USDT equal to $1. 

Around 4 days ago, Tether officially reported its earnings report and confirmed that the company generated nearly $1.48B profit in the first quarter of 2023. 

Tether also showed its confidence via its healthy reserves, which are currently reaching an all-time high of $2.44B. 

This high amount of revenue by the Tether firm is a clear sign that Tether succeeded in achieving huge trust among the USDT users. 

On 14 May, Changpeng Zhao (CZ), the CEO & founder of the top-ranked crypto exchange Binance, noted that it is a very big amount of revenue for any crypto firm in the crypto sector.

Tether CTO Paolo Ardoino also shared his happiness on this achievement of the firm and said that Tether reduced its secured loans from 8.7% to 6.5% successfully and also worked tirelessly to reduce all these loans to zero. 

Tether rival Circles struggle

USDC (Circle) is second-the ranked stablecoin by market Cap, just after USDT. In 2022, USDC grabbed huge trust among the crypto traders and USDT lost huge trust, after the meltdown of TerraUSD stablecoin. 

In Q1 2023, the majority of the crypto firms in the US jurisdiction faced huge regulatory pressure, including Tether despite being regulated. The majority of the crypto traders shifted their inclination from USDC to USDT again. 

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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