Tether Denies Contact with Banks in Response to Bloomberg Report
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 dissa
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
On April 5th, Tether released an official statement addressing its recent controversy with Bloomberg. The leading stablecoin company denied any contact with Silvergate, SVB, and SignatureBank, while expressing its disappointment with the irresponsible reporting and headline-catching by the news outlet. Moreover, the statement claimed that Tether achieved a net profit of $700 million in Q1 2023, which exceeded the previous quarter, and the company remained optimistic for the upcoming second quarter.
Tether’s Response to Bloomberg Report
Tether has been under scrutiny for a potential insolvency issue, as the company failed to provide a full audit report for years. Bloomberg reported that Tether had held correspondent bank accounts with Silvergate, SVB, and SignatureBank. However, Tether denied any direct contact with these banks, arguing that it only used third-party payment processors and that their banking relationships had been misconstrued. Tether also criticized Bloomberg’s coverage of the situation, accusing the outlet of sensationalizing the news for clicks and suggesting that the headlines were misleading and irresponsible.
Tether’s Financial Performance in Q1 2023
In the same statement, Tether disclosed that the company’s overall performance had improved in the first quarter of 2023. According to Tether’s internal records, the company recorded a net profit of $700 million, exceeding its revenue in the previous quarter. This success came amid the continued growth of Tether’s market capitalization, which has surged to over $46 billion, dominating the stablecoin market.
Outlook for the Second Quarter
Tether remains positive about its business prospects for the remainder of 2023. The company believes that its stablecoin will continue to gain popularity and attract more institutional investors. Moreover, the continued expansion of decentralized finance (DeFi) and non-fungible tokens (NFTs) presents a significant opportunity for Tether to extend its reach in the cryptocurrency space. Tether aims to maintain its market-leading position and continue delivering value to its clients and investors.
Conclusion
In response to Bloomberg’s report and to address public concerns, Tether has reiterated its denial of direct contact with Silvergate, SVB, and SignatureBank. The company also announced its excellent financial performance in Q1 2023, indicating its ability to navigate the challenging market conditions. Additionally, Tether remains optimistic about the future and believes that it will continue to thrive in the evolving cryptocurrency landscape.
FAQs
1. Why is Tether denying contact with certain banks?
Tether claims that it only uses third-party payment processors and does not have direct relationships with any banks, including Silvergate, SVB, and SignatureBank, as previously reported by Bloomberg.
2. What is Tether’s net profit for Q1 2023?
Tether’s internal records show that the company achieved a net profit of $700 million in Q1 2023, exceeding the previous quarter.
3. What are Tether’s plans for the future?
Tether aims to maintain its market-leading position and expand its reach in the cryptocurrency market, leveraging the growth of DeFi and NFTs. The company remains optimistic about its future performance and its ability to deliver value to its clients and investors.
This article and pictures are from the Internet and do not represent SipPop's position. If you infringe, please contact us to delete:https://www.sippop.com/13456.htm
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.