2024

Gold

Tether Holdings, the creator of the biggest stablecoin in the world, <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="noreferrer noopener" data-wpel-link="external">reported</a> its record-breaking $4.52 billion net profit for the first quarter of 2024. 
The Q1 2024 attestation report of Tether Holding disclosed for the first time its net equity, which as of March 31 is $11.37 billion. This is a substantial rise over the $7.01 billion in equity compared to the recorded from December 2023. 
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 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 Read More:<a href="https://t.co/lzvEGK6nJS" target="_blank" data-wpel-link="external">https://t.co/lzvEGK6nJS</a>— Tether (@Tether_to) <a href="https://twitter.com/Tether_to/status/1785642325353349297?ref_src=twsrc%5Etfw" target="_blank" rel="noopener" data-wpel-link="external">May 1, 2024</a>
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The primary profit sources for stablecoin issuers include operating profits from US Treasury holdings, totaling around $1 billion, along with gains from Bitcoin and Gold positions. 
Tether’s USDT is the largest stablecoin worldwide, worth over $110 billion,&nbsp; based on CoinMarketCap’s <a href="https://coinmarketcap.com/" target="_blank" rel="noreferrer noopener" data-wpel-link="external">data</a>. In the first quarter of 2024, the corporation issued USDT valued at $12.5 billion. 
A $1 billion increase in excess reserves, which are kept as a safety net to underpin the company’s stablecoin offers, according to the report. The excess reserves of Tether were somewhat less than $6.3 billion. 
In Q1 2024, the firm significantly increased its ownership of U.S. Treasuries, surpassing $90 billion. This includes direct ownership and indirect exposure through reverse-repurchase agreements and money market funds. 
The report also disclosed that as of March 31, Tether’s reserve assets were worth more than $6.2 billion more than its liabilities, which amounted to over $104 billion with “digital tokens issued.” 
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 <img decoding="async" src="https://lh7-us.googleusercontent.com/CbSWNneh-T5wwPEXbV5W6N9wQO8mWTo1T89Ul4pBW80dloBmucBShSoDrmrImxdHLP3WRHyYvkir-gI_zkefgEBWijOlgf-MQyDHT8wfmWY711Pe2BS-udU5aZ20OtMilnaBnFrEyVRjx44wTK3JXyg" alt="CbSWNneh T5wwPEXbV5W6N9wQO8mWTo1T89Ul4pBW80dloBmucBShSoDrmrImxdHLP3WRHyYvkir gI zkefgEBWijOlgf MQyDHT8wfmWY711Pe2BS">
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 &nbsp;The Tether Reserves on March 31, 2024, Source: Tether
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Tether Group’s strategic investments, surpassing $5 billion,&nbsp; include various sectors such as span AI, Renewable Energy, P2P communication, and BTC Mining. These investments, though not detailed in the report, reflect Tether’s commitment to its mission. 
Paolo Ardoino, CEO of Tether, stated, “With the first attestation of 2024, Tether has demonstrated its unwavering commitment to transparency, stability, liquidity, and responsible risk management.” 
He added that in the latest report, Tether achieved a record profit of $4.52 billion, showcasing its financial strength and stability. Additionally, with a net equity of $11.37 billion, Tether sets new standards for transparency and trust in the cryptocurrency industry. 
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 Also Read: <a href="https://www.cryptotimes.io/2024/04/30/us-senators-probes-tethers-role-in-nations-evading-sanction/" target="_blank" rel="noreferrer noopener" data-wpel-link="internal">US Senators Probes Tether’s Role in Nations Evading Sanction</a> 
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Tether Holdings Reports Record $4.52B Profit in Q1 2024

The Crypto Times

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