USDT Issuer Tether Reports Record $4.52B Profit In Q1 2024

Tether Holdings Limited, the issuer of the USDT stablecoin, has released its 2024 Q1 Certification Report. The latest proof as of March 31, 2024 exceeds the reserves backing the Tether fiat stablecoin. Furthermore, it provides a comprehensive overview of the financial strength of the entire Tether Group.

Tether reports huge net profit

In a landmark achievement, Tether Group’s net profit soared to an astonishing $4.52 billion in the first quarter of 2024, marking an important milestone in the company’s history. This gain was primarily driven by net operating income, the majority of which was derived from holdings in US Treasuries, supplemented by mark-to-market gains on Bitcoin and gold positions.

Additionally, in the first quarter of 2024, USDT issuers achieved unparalleled success in increasing their direct and indirect ownership of U.S. Treasury securities, which now exceeds $90 billion. Additionally, this includes indirect exposure through overnight reverse repurchase agreements and investments in U.S. Treasury securities through money market funds.

The USDT issuer’s commitment to transparency was further highlighted by its first disclosure of its impressive net worth of $11.37 billion as of March 31, 2024. Tether CEO Paolo Ardoino emphasized the company’s commitment to transparency, stability, and stability. Liquidity and responsible risk management. “With its first certification in 2024, Tether has demonstrated its unwavering commitment to transparency, stability, liquidity, and responsible risk management,” he said.

Tether’s CEO said, “As shown in this latest report, Tether continues to break records with a new profit benchmark of $4.52 billion, which reflects the company’s sheer financial strength and stability. I am doing it,” he added. By reporting not only the composition of our reserves, but also the group’s current net assets of $11.37 billion, Tether is once again raising the bar in the crypto industry in the realm of transparency and trust. ”

Also read: Tether invests $200 million in Elon Musk’s Neuralink rival BlackRock Neurotech

Asset reserves and strategic investments

Additionally, Tether reaffirmed that its fiat-denominated stablecoin is backed by an impressive 90% in cash and cash equivalents. Therefore, liquidity within the stablecoin ecosystem is ensured. In the first quarter alone, more than $12.5 billion of his USDT was issued. This further solidifies Tether’s position as a leader in the stablecoin market.

Reserve Report (RR) Section new report He reiterated Tether’s strong financial position. Asset reserves of USDT tokens in circulation exceed liabilities by $6.26 billion. Additionally, the report highlighted Tether’s strategic investments of over $5 billion as of the date of the report. Investments are being made across a variety of areas including AI and data, renewable energy, P2P communications, and BTC mining.

Also read: Cryptocurrency prices plummet on May 1st, why is there a risk that Bitcoin prices will plummet to between $45,000 and $49,000?

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