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USDT issuer Tether set a new record after making $4.5 billion in net profits during the first quarter of 2024.&nbsp; 
A BDO assurance opinion <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="">released</a> on May 1 also showed that Tether’s Treasury bills stockpile reached a new high of over $90 billion, and the digital asset firm’s total net equity crossed $11.3 billion due to diversified operations.&nbsp; 
According to the attestation, since last year’s fourth quarter, <a href="https://crypto.news/price/tether/" rel="">USDT</a> provider ownership of U.S. Treasuries and net equity have grown from around $80 billion and $7 billion, respectively.&nbsp; 
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 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/05/Cash-Cash-Equivalents-US-treasuries-Direct-Indirect-VS.-Total-Tether-Tokens-6-1024x650.png.webp"> 
 <img loading="lazy" decoding="async" width="1024" height="650" src="https://crypto.news/app/uploads/2024/05/Cash-Cash-Equivalents-US-treasuries-Direct-Indirect-VS.-Total-Tether-Tokens-6-1024x650.png" alt="Tether"> 
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 Source: Tether
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The latest report revealed that $1 billion of its record-setting profits was generated from stablecoin issuing entities and reserve managing strategies. In other words, most profits were made from holding U.S. Treasuries, while the rest were derived from Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="">BTC</a>) and Gold holdings.&nbsp; 
 You might also like: <a href="https://crypto.news/tether-to-restructure-expand-beyond-stablecoin-sector/" rel=""> Tether to restructure, expand beyond stablecoin sector </a> 
Furthermore, this is the first time the firm’s fiat-pegged stablecoins have been backed up to 90% by cash and cash equivalents. Tether CEO Paolo Ardoino said the stats underscore dedication to responsible risk management as a crypto and stablecoin market leader.&nbsp; 
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 <img loading="lazy" decoding="async" width="1024" height="806" src="https://crypto.news/app/uploads/2024/05/Tether-Tokens-15-1024x806.png" alt="Tether bags record $4.5b profit in Q1 - 21"> 
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 Source: Tether
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Per <a href="https://www.coingecko.com/en/coins/tether" target="_blank" rel="">CoinGecko</a>, USDT is currently the largest U.S. dollar-pegged stablecoin with a market cap of over $110 billion and is the third-biggest cryptocurrency behind Bitcoin and Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="">ETH</a>). 
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 “Tether is again raising the bar in the cryptocurrency industry in the realms of transparency and trust.” <cite>Paolo Ardoino, Tether CEO</cite>
</blockquote> 
 Read more: <a href="https://crypto.news/sp-stablecoin-bill-could-improve-u-s-participation-challenge-tether-dominance/" rel=""> S&amp;P: Stablecoin bill could improve U.S. participation, challenge Tether dominance </a>

Tether bags record $4.5b profit in Q1

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