Tether reports record $4.52 billion profit in Q1 despite shrinking market share

Stablecoin issuer Tether (USDT) achieved a historic net profit of $4.52 billion in the first quarter despite facing a significant drop in market share.

According to the attestation report shared with CryptoSlate, the firm’s substantial profits chiefly originated from its US Treasury holdings, supplemented by gains from its Bitcoin and gold investments.