Tether records surprise profit as stablecoin giant aims to put reserve controversy behind it
Publishing timestamp: 2023-02-09 10:52:15
Summary
Tether reported that it made $700 million in profit in the December quarter and has added money to its reserves. The company makes money from various fees, investments in digital tokens and precious metals, and issuing loans to other institutions. The USDT token has maintained its $1 value despite turbulence in the crypto market. The U.S. Department of Justice is reportedly investigating executives at Tether over possible bank fraud.
Sentiment: NEUTRAL
Tickers: USDT.CM=,
Keywords: cryptocurrency, business news, markets, tether/usd coin metrics, technology, internet,
Source: https://www.cnbc.com/2023/02/09/stablecoin-giant-tether-records-surprise-700-million-profit.html