- In the first quarter of 2024, Tether, the stablecoin issuer, reported a $4.52 billion profit.
- According to Tether USDT’s attestation for the first quarter of 2024, the company saw its highest-ever percentage of Treasury bill ownership, had a $4.52 billion profit, and had total net equity exceeding $11.3 billion.
Tether Holdings Limited disclosed its assurance opinion for the first quarter of 2024 on Tuesday. The report included information on $1 billion in profit from the group’s subsidiaries that are responsible for managing their separate reserves and generating stablecoins.
The majority of this profit, according to Wednesday’s attestation, came from advances in its holdings of U.S. Treasury bonds; the remaining portion came from gains in gold and bitcoin positions.
The firm’s direct and indirect holding of U.S. Treasury securities, which is currently valued at over $90 billion, was highlighted in Wednesday’s attestation.
Additionally, Tether disclosed for the first time its net equity, which as of March 31 of this year was $11.37 billion. The Tether announcement also stated, “This represents a noteworthy uptick from the recorded equity of $7.01 billion on December 31, 2023.”
According to the attestation, Tether’s reserves, which support its stablecoins denominated in fiat money, amount to up to 90% in cash and cash equivalents.
With a new profit benchmark of $4.52 billion, Tether is breaking even more records, demonstrating the company’s unwavering financial stability and power. According to Tether CEO Paolo Ardoino, the company is once again setting the standard for transparency and trust in the cryptocurrency space by disclosing not only the makeup of its reserves but also the group’s net equity of $11.37 billion.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
