Tether Records $700 Million Net Profit in Q1 2023 and Denies Contact with Silvergate, SVB, and SignatureBank

On April 5th, Tether reiterated in an official post that the company had not been in contact with Silvergate, SVB, and SignatureBank, while expressing its dissatisfaction with Bloomberg’s “irresponsible” reporting and compilation of bait headlines (headline party). In addition, Tether revealed in the article that the company recorded a net profit of $700 million in the first quarter of 2023, which exceeded the fourth quarter of 2022, and Tether is optimistic about the outlook for the second quarter.

Tether: In Q1 of 2023, its net profit was $700 million, and the FUD spread by Bloomberg did not affect its business

Introduction

Recently, Tether has been making headlines for a variety of reasons. On April 5th, Tether reiterated in an official post that the company had not been in contact with Silvergate, SVB, and SignatureBank, while expressing its dissatisfaction with Bloomberg’s “irresponsible” reporting and compilation of bait headlines. In addition, Tether revealed in the article that the company recorded a net profit of $700 million in the first quarter of 2023, which exceeded the fourth quarter of 2022, and Tether is optimistic about the outlook for the second quarter.

What is Tether?

Tether, launched in 2014, is one of the most widely used cryptocurrencies today. It is a stablecoin, meaning it is pegged to the value of the US dollar, and has a 1:1 ratio. Tether’s value is therefore stable compared to many other cryptocurrencies whose values fluctuate rapidly.

Tether’s Official Statement

Tether has denied any contact with Silvergate, SVB, and SignatureBank in an official post on April 5th. The company called out Bloomberg for “irresponsible” reporting and the “compilation of bait headlines.” Tether claims that they had not communicated with these banks regarding the publication of their banking data. The post also stated that Tether’s banking data had not been released publicly, and that their banking relationships remain confidential.

Tether’s Q1 2023 Net Profit

According to Tether’s post, the company recorded a net profit of $700 million in the first quarter of 2023, which exceeded the fourth quarter of 2022. This is great news for Tether as it is the largest quarterly net profit in the company’s history. Tether has attributed this record profit to strong market demand and the growing adoption of cryptocurrencies.

Tether is Optimistic about Q2 2023

Tether has stated that they remain optimistic about the outlook for the second quarter. With the growing adoption of cryptocurrencies and increasing market demand, Tether believes that they will continue to see strong profits in the coming months.

Conclusion

Tether’s official statement on April 5th denied contact with Silvergate, SVB, and SignatureBank and criticized Bloomberg’s reporting. The company also recorded a net profit of $700 million in the first quarter of 2023, which exceeded the fourth quarter of 2022. Tether is optimistic about the outlook for the second quarter, citing strong market demand and the growing adoption of cryptocurrencies.

FAQs:

1. What is Tether?
Tether is a stablecoin that is pegged to the value of the US dollar.
2. What is Tether’s official statement regarding Silvergate, SVB, and SignatureBank?
Tether denied any contact with these banks regarding their banking data.
3. How much net profit did Tether record in Q1 2023?
Tether recorded a net profit of $700 million in Q1 2023.