2024

United

Bitcoin

USDC

Tether Holdings, the company behind the world’s largest stablecoin, Tether (<a href="https://cointelegraph.com/tether-price-index">USDT</a>), reported a record net profit of $4.52 billion in the first quarter of 2024.
Tether also revealed its net equity for the first time, which stands at $11.37 billion as of March 31. This represents a significant increase from the $7.01 billion worth of equity recorded at the end of December 2023, <a href="https://tether.io/news/tether-releases-q1-2024-attestation-reports-record-breaking-4-52-billion-profit-highest-treasury-bill-ownership-percentage-ever-total-group-equity-of-11-37-billion/" target="_blank" rel="noopener nofollow">according</a> to Tether’s attestation report for the first quarter of 2024.
Approximately $1 billion stemmed from operating profits derived from United States Treasury holdings, while the remainder of $3.52 billion comprised the market-to-market gains in the firm’s Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) and gold positions.
Tether’s USDT is the world’s largest stablecoin, worth over $110 billion, <a href="https://coinmarketcap.com/" target="_blank" rel="noopener nofollow">according</a> to CoinMarketCap data. The company issued $12.5 billion worth of USDT in the first quarter of 2024.
The report also revealed a $1 billion increase in excess reserves that are maintained as a buffer to support the company’s stablecoin offerings. Tether’s excess reserves stood just below $6.3 billion.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/46825e36-05d7-4ffc-b723-9f3b7b9b085d.png" alt="" title="">
 <figcaption style="text-align: center;">
 Tether financial reserves, Q1 2024. Source: Tether
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The report further revealed over $104 billion worth of liabilities related to “digital tokens issued,” while the value of Tether’s reserve assets exceeded the value of its liabilities by over $6.2 billion as of March 31.
Related: <a href="https://cointelegraph.com/news/circle-usdc-overtakes-tether-usdt">Circle’s USDC overtakes Tether’s USDT in stablecoin transactions — Visa</a>
<h2 data-ct-non-breakable="true" id="tether-remains-the-world-s-seventh-largest-bitcoin-holder">Tether remains the world’s seventh-largest Bitcoin holder</h2>
Tether’s Bitcoin wallet, “bc1q,” currently holds 75,354 BTC, worth over $4.38 billion, <a href="https://platform.arkhamintelligence.com/explorer/address/bc1qjasf9z3h7w3jspkhtgatgpyvvzgpa2wwd2lr0eh5tx44reyn2k7sfc27a4" target="_blank" rel="noopener nofollow">according</a> to on-chain intelligence platform Arkham Intelligence.
Tether acquired 8,888 Bitcoin worth $626 million from Bitfinex on March 31.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/de9b20d1-f750-4db7-92cc-af36a22f55a1.png" alt="" title="">
 <figcaption style="text-align: center;">
 Tether Bitcoin holdings. Source: Arkham Intelligence
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</figure>
This makes Tether’s “bc1q” address <a href="https://cointelegraph.com/news/tether-boosts-bitcoin-reserves">the seventh-largest Bitcoin holder</a>, according to <a href="https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html" target="_blank" rel="noopener nofollow">BitInfoCharts</a>. The firm said it would invest 15% of its net profit into Bitcoin to diversify the stablecoin’s backing assets.
Despite Bitcoin falling below the $60,000 mark, Tether is sitting on an unrealized profit of over 91%, worth over $2 billion, <a href="https://coinstats.app/address/bc1qjasf9z3h7w3jspkhtgatgpyvvzgpa2wwd2lr0eh5tx44reyn2k7sfc27a4/" target="_blank" rel="noopener nofollow">according</a> to the CoinStats portfolio tracker.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/885c66ff-c31b-40c8-9b89-ec90f7c7badf.png" alt="" title="">
 <figcaption style="text-align: center;">
 Tether Bitcoin holdings. Source: Coinstats
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Related: <a href="https://cointelegraph.com/news/crypto-hacks-april-fall-67-60-million">Losses from crypto hacks plunge 67% in April to $60 million</a>

Tether nets record $4.5B profit in Q1 2024 — majority from Bitcoin and gold

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