Tether nets US$4.52 bln Q1 profit from investments

Tether, which operates the widely used stablecoin USDT, reported a record net profit of USD 4.52 billion for the first quarter of 2024, an increase of 61% from the previous quarter.

The company’s report said the significant gains were primarily driven by investments in U.S. Treasuries and the rise in Bitcoin and gold reserves. Q1 Certification.

As of March 31, 2024, Tether’s net worth has soared to US$11.37 billion.

The company has strategically allocated more than $90 billion in U.S. Treasuries, which has significantly contributed to the jump in profits.

According to CoinGecko, Tether’s financial performance suggests that USDT, which maintains a one-to-one value with the US dollar and has a market capitalization of approximately US$110 billion, could be strongly supported.

The company announced that it issued 12 billion new USDT tokens in the first quarter.

The company’s Bitcoin holdings doubled to USD 5.4 billion, and its gold reserves increased to USD 3.7 billion.

Tether has not completed a formal audit. Instead, it provides quarterly certificates reporting excess reserves of US$6.3 billion and secured loans of US$4.7 billion.

Tether’s financial infrastructure extends beyond stablecoins to venture companies in the data, technology, mining, and energy sectors.

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