Tether Holdings Ltd., the British Virgin Islands-incorporated operator of the largest stablecoin, said it posted record net profit of $4.52 billion in the first quarter, largely driven by interest earned from its holdings of US Treasuries and appreciation in Bitcoin and gold. The market value of Tether’s USDT token has climbed to above $110 billion, as the demand for the stablecoin rose during the latest crypto bull market. The company said in a statement Wednesday that it issued over $12.5 billion USDT in the period, and about $1 billion of the profit came from “net operating profit,” which is primarily derived from ... (full story)