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<p dir="ltr">Tether Holdings Ltd, the issuer of the popular USDT stablecoin&nbsp;<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/" rel="noopener noreferrer nofollow">released</a> its assurance report for the first quarter of 2024, recording a net profit of $4.52 billion. This marks a huge milestone for the firm as it builds on the momentum from Q4, 2023.</p>
<h2 id="tether-discloses-q1-earnings">Tether discloses Q1 earnings</h2>
<p dir="ltr">Of the $4.52 billion profit, Tether disclosed that $1 billion originated from net operating profits, derived primarily from U.S. Treasury holdings. The remaining $3.52 billion comprises mark-to-market gains in Bitcoin (BTC) and gold positions. Tether highlights that its direct and indirect ownership of the U.S. Treasuries is currently above $90 billion.&nbsp;</p>
<p dir="ltr">Additionally, Tether disclosed its net equity for the first time, displaying an amazing $11.37 billion as of March 31, 2024. This figure represents a notable increase from its recorded equity of $7.01 billion on Dec. 31, 2023. According to the report, the firm reserved $1 billion as a safety net for its stablecoin offerings, bringing the total to around $6.3 billion.</p>
<p dir="ltr">Tether noted that it issued more than $12.5 billion USDT in the first quarter alone. The firm reiterated that its tokens have a 90% backing from cash and its equivalents. This ensures that the company upholds liquidity within the stablecoin ecosystem.</p>
<p dir="ltr">Besides stablecoin investments, Tether has strategic investments totaling over $5 billion. This encompasses sectors such as renewable energy, artificial intelligence (AI),&nbsp; peer-to-peer connectivity and BTC mining.</p>
<h2 id="tether-s-crypto-adventures">Tether's crypto adventures</h2>
<p dir="ltr">Tether’s outstanding Q1, 2024, performance does not come as a surprise as the company has been making efforts to show commitment to the crypto ecosystem.</p>
<p dir="ltr">The company recently&nbsp;<a href="https://u.today/tether-injects-1-billion-usdt-more-as-bitcoin-halving-almost-here" rel="noopener noreferrer nofollow">minted</a> one billion USDT on the Ethereum network, ahead of the Bitcoin halving event, which occurred in late April.</p>
<p dir="ltr">In another bold move, Tether CEO Paolo Ardoino also&nbsp;<a href="https://u.today/toncoin-ton-price-plummets-despite-major-tether-announcement" rel="noopener noreferrer nofollow">announced</a> the release of USDT on Toncoin’s (TON) rails. As U.Today earlier reported, USDT on TON will be launched with an initial capitalization of $10,000,000.</p>

Tether Sees $4.5 Billion Profit in Q1: Report

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