Tether reports record $4.52 billion Q1 profit

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Tether Holdings Limited shared today its assurance opinion conducted by BDO, showing a record-breaking net profit of $4.52 billion for the first quarter of 2024, driven mainly by Bitcoin (BTC), gold, and US Treasury holdings. Tether’s direct and indirect ownership of US Treasuries has surpassed $90 billion.

“With the first attestation of 2024, Tether has demonstrated its unwavering commitment to transparency, stability, liquidity, and responsible risk management,” said Paolo Ardoino, CEO of Tether. “As shown in this latest report, Tether continues to shatter records with a new profit benchmark of $4.52 billion, reflecting the company’s sheer financial strength and stability. In reporting not just the composition of our reserves, but now the group’s net equity of $11.37 billion, Tether is again raising the bar in the cryptocurrency industry in the realms of transparency and trust.”

The net profit is 56% compared to Q4 2023’s $2.9 billion, Tether’s previous quarterly profit record. The company also disclosed its net equity on the report, which stands at $11.3 billion as of March 31, 2024.

This figure represents a substantial increase from the $7 billion recorded at the end of the previous year. The report also notes a $1 billion increase in excess reserves, reaching $6.4 billion.

On Tether USD (USDT) backing, BDO’s attestation confirms that 90% of Tether-issued tokens are backed by cash and cash equivalents, ensuring liquidity for its stablecoin. In the first quarter, over $12.5 billion in USDT was issued.

Moreover, Tether reports investments amounting to $5 billion in 2024’s first quarter, encompassing various sectors such as AI and Data, renewable energy, P2P communication, and Bitcoin Mining. This marks a 680% quarter-on-quarter growth in the company’s investments, as Tether reported $640 million in Q$ 2023.

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