Tether's Q1 profit has surpassed $1 billion—its real moat isn't just printing money but the hidden... shadow Fed beneath the surface. Tether (USDT's parent company) recently released its Q1 2026 BDO attestation report. Here are some key figures: - Net profit: ~$1.04 billion - Total assets: ~$191.7 billion; total liabilities: ~$183.5 billion - Excess reserves: $8.23 billion, a record high - U.S. Treasury exposure: ~$141 billion - Gold: ~$20 billion - Bitcoin: ~$7 billion A lot of people only see the $1 billion profit in a single quarter—this income surpasses most exchanges. But it's not just a money-printing machine. The real moat isn't on the income statement; it's the three hidden revenue streams beneath the surface that aren't even reflected in the profit statement. Is non-compliance the real source of its profits?