Tether Holdings Reports Record-Setting $4.52B Profit in Q1 2024, Discloses Net Equity for the First Time

Tether Holdings reports record profit of $4.52 billion in Q1 2024, discloses net worth for the first time

Tether Holdings, the stablecoin issuer with the top market capitalization, Tether (USDT)have announced The company achieved a record net profit of $4.52 billion in the first quarter of 2024. Additionally, Tether disclosed its net worth for the first time, revealing a significant increase from $7.01 billion at the end of December 2023 to $11.37 billion as of March 31. Tether’s certification report for the first quarter of 2024 shows that approximately $1 billion of its operating income came from U.S. Treasury holdings, with the remaining $3.52 billion coming from intermarket gains on Bitcoin and gold positions. It was something.

Tether’s USDT is recognized as the world’s largest stablecoin, with a market value of over $110 billion, according to CoinMarketCap. The company issued $12.5 billion worth of USDT in the first quarter of 2024 alone.

The report also highlighted a $1 billion increase in excess reserves that will serve as a buffer to support Tether’s stablecoin offering. The company’s excess reserves currently stand at just under $6.3 billion. As for debt, Tether’s report revealed that more than $104 billion is tied to “digital tokens issued.” But as of March 31, the value of the company’s reserve assets exceeded its liabilities by more than $6.2 billion.

Tether remains a prominent holder of Bitcoin, with its “bc1q” wallet currently holding 75,354 BTC, worth over $4.38 billion. This makes Tether the seventh largest Bitcoin holder. Notably, on March 31st, Tether acquired 8,888 Bitcoins worth $626 million from Bitfinex. Even as Bitcoin fell below $60,000, Tether accumulated unrealized gains of over 91%, exceeding $2 billion.

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