Tether (USDT) Achieves Historic Q1 2024 Profit of $4.52 Billion

Stablecoin issuer Tether is released This report provides a comprehensive overview of Tether Group’s financial strength.

Key highlights of the report:

  • In the first quarter of 2024, it posted a record net profit of $4.52 billion.
  • Direct and indirect holdings of U.S. Treasuries exceed $90 billion.
  • Net assets reached $11.37 billion, up from $7.01 billion in Q4 2023.
  • Excess reserves increased by $1 billion, bringing the total to nearly $6.3 billion.
  • 90% of Tether tokens are backed by cash or cash equivalents.

Tether Group achieved a remarkable milestone with record net income of $4.52 billion in the first quarter of 2024. Approximately $1 billion of these revenues came from net operating income, most of which was derived from U.S. Treasury assets. However, the remainder consisted of appreciation gains from Bitcoin and gold positions.

Also read: SEC Chairman Gensler accused of misleading Congress on Ethereum classification

Tether discloses net worth for the first time

Source: Tether

Tether Group has disclosed its net worth for the first time, revealing that it has a net worth of $11.37 billion as of March 31, 2024. This is an increase from $7.01 billion as of December 31, 2023. The report also highlights that excess reserves have increased by $1 billion, bringing the total to almost $5 billion. 6.3 billion dollars.

BDO confirmed that 90% of the tokens issued by Tether are backed by cash and cash equivalents. In the first quarter of 2024 alone, more than $12.5 billion of his USDT was issued.

The Reserves Report section of the new report once again highlights Tether’s strong financial position, with the value of the assets comprising the reserves exceeding the value of its liabilities by $6,261,866,717 as of March 31, 2024. has been done.

Also read: Cryptocurrency losses due to hacks and fraud hit record low in April: CertiK

The stablecoin issuer’s strategic investments total over $5 billion and span various fields such as AI, data, renewable energy, P2P communications, and BTC mining.

CEO Paolo Ardoino commented on the company’s performance as follows: “With its first certification in 2024, Tether has demonstrated its unwavering commitment to transparency, stability, liquidity, and responsible risk management. As demonstrated in this latest report, Tether We continue to break records with a new profit benchmark of $4.52 billion, reflecting pure financial strength and stability.”

Vignesh Karunanidhi

Vignesh is an experienced professional in the cryptocurrency field since 2017. He has been writing for over 6 years and specializes in writing and editing different types of crypto content with an emphasis on sharing, such as news articles, long-form articles, and blog posts. The beauty of blockchain and cryptography.

Vignesh Karunanidhi

milk road lighter

Vignesh is an experienced professional in the cryptocurrency field since 2017. He has been writing for over 6 years and specializes in writing and editing different types of crypto content with an emphasis on sharing, such as news articles, long-form articles, and blog posts. The beauty of blockchain and cryptography.

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