Tether bags record $4.5b profit in Q1

USDT issuer Tether set a new record with a net profit of $4.5 billion in the first quarter of 2024.

BDO Warranty Opinion released On May 1, it was also revealed that Tether’s Treasury Bill holdings hit a new high of over $90 billion, and that its diversified business has brought the digital asset company’s total net assets to over $11.3 billion. became.

Since the fourth quarter of last year, USDT providers’ U.S. Treasury ownership and net assets have increased from about $80 billion and about $7 billion, respectively, according to the certificate.

Source: Tether

The latest report revealed that $1 billion of the company’s record profits were generated from its stablecoin issuer and reserve management strategy. In other words, most of the profits came from holding U.S. Treasuries, and the rest came from holding Bitcoin (BTC) and gold.

Additionally, this is the first time that the company’s fiat-pegged stablecoin is up to 90% backed by cash and cash equivalents. Tether CEO Paolo Ardoino said the statistics confirm Tether’s focus on responsible risk management as a leader in the crypto and stablecoin markets.

Tetherbags posted $4.5 billion in Q1-1 profits
Source: Tether

around CoinGeckoUSDT is currently the largest USD-pegged stablecoin with a market capitalization of over $110 billion and the third largest cryptocurrency after Bitcoin and Ethereum (ETH).

“Tether is once again raising the bar in the crypto industry in the realm of transparency and trust.”

Paolo Ardoino, CEO of Tether

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