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Tether Holdings Limited (BVI) has reported a massive net profit of $4.52 billion for the first quarter of 2024. This impressive growth is attributed to increased profits from US Treasury holdings and gains in Bitcoin and Gold positions. Tether Holdings’ net profit 
The company has expanded its transparency efforts by providing a broad overview of its financial strengths, revealing a net equity of $11.37 billion as of March 31, 2024. Tether also disclosed a $1 billion increase in excess reserves, totaling nearly $6.3 billion, further enhancing its stability.
The profit surge primarily derived from net operating profits, notably from US Treasury holdings, alongside mark-to-market gains in Bitcoin and Gold positions. However, the Group showed a massive increase in direct and indirect ownership of U.S. Treasuries, now exceeding $90 billion.
In a move towards greater transparency, Tether also disclosed its net equity for the first time, highlighting a $1 billion increase in excess reserves, totaling nearly $6.3 billion. The Reserves Report section of the new disclosure reiterated Tether’s strong financial position, with Tether-issued tokens backed by Cash and Cash Equivalents at an impressive 90%. Paolo Ardoino, CEO, reaction&nbsp; 
The strategic investments of over $5 billion in various sectors such as AI, Renewable Energy, P2P communication, and BTC Mining underline Tether’s commitment to its mission.Paolo Ardoino, CEO of Tether, highlighted the company’s dedication to transparency, stability, and responsible risk management. He stated,&nbsp; 
“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 report indicates a strong and promising start for Tether in 2024, reinforcing its position as a leader in the cryptocurrency market while setting new standards for transparency and accountability. Besides this recently a few days back, <a href="https://news.todayq.com/tether-makes-200m-deal-with-blackrock-neurotech-report/" rel="noopener noreferrer nofollow">Tether also revealed its latest investment</a> of $200 million into Blackrock Neurotech, a leading force in Brain-Computer-Interface (BCI) technology as reported by Todayq News on April 29, 2024.

Tethers Q1 net profit hit record $4.52 billion: Report

Todayq News

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