Tether Holdings Reports Record $4.52B Profit in Q1 2024

Tether Holdings, the world’s largest stablecoin developer, report Net income for the first quarter of 2024 will be a record high of $4.52 billion.

Tether Holdings’ first quarter 2024 certified report revealed for the first time that its net assets as of March 31 were $11.37 billion. This is a significantly higher increase than his $7.01 billion in net worth compared to the record from December 2023.

Stablecoin issuers’ main sources of revenue include profits from positions in Bitcoin and gold, as well as operating profits from their holdings in U.S. Treasury securities, which total about $1 billion.

Tether’s USDT is the world’s largest stablecoin, valued at over $110 billion based on CoinMarketCap data. data. In the first quarter of 2024, the company issued his USDT worth $12.5 billion.

According to the report, excess reserves have increased by $1 billion and are maintained as a safety net supporting the company’s stablecoin offering. Tether’s excess reserves were just under $6.3 billion.

In the first quarter of 2024, the company significantly increased its holdings in US Treasuries to over $90 billion. This includes direct ownership and indirect exposure through reverse repurchase agreements and money market funds.

The report also reveals that as of March 31st, the value of Tether’s reserve assets exceeded its debt by more than $6.2 billion, which totaled more than $104 billion, including “issued digital tokens.” I made it.

Tether Reserve as of March 31, 2024, Source: Tether

Tether Group’s strategic investments of over $5 billion include various areas such as span AI, renewable energy, P2P communications, and BTC mining. These investments, while not detailed in the report, reflect Tether’s commitment to its mission.

“With our first certification in 2024, Tether has demonstrated our unwavering commitment to transparency, stability, liquidity and responsible risk management,” said Paolo Ardoino, CEO of Tether.

He added that in its latest report, Tether achieved a record profit of $4.52 billion, demonstrating its financial strength and stability. Additionally, with a net worth of $11.37 billion, Tether is setting a new standard for transparency and trust in the cryptocurrency industry.

Also read: US senators investigate Tether’s role in countries evading sanctions

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