Stablecoin

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Stablecoin issuer Tether recorded a record net profit of $4.52 billion in the first quarter as gains from Bitcoin and gold surged.
About $3.52 billion of the unrealized profit came from price gains on its holdings of Bitcoin and gold, while the additional $1 billion came from its US Treasury investments. It increased its ownership of Treasury bills to the highest level ever at $90 billion.
<img decoding="async" src="https://images.ctfassets.net/vyse88cgwfbl/UU9OhN1Z9UpSd77JhEadS/ace22e54b804df56a127fb7ed72c77d8/Tether_on_Fuze_TWITTER_copy.png" alt="Tether">
<h2 id="span-style-font-weight-400-tether-reveals-its-net-equity-for-the-first-time-span">Tether Reveals Its Net Equity For The First Time</h2>
<a href="https://insidebitcoins.com/news/tether-freezes-dozens-of-wallets-linked-to-us-sanctions" rel="noopener noreferrer nofollow">Tether</a> also revealed for the first time its net equity, which stood at $11.37 billion on March 31.&nbsp;
“This reflects a notable uptick from the recorded equity of $7.01 billion on December 31, 2023,” it said in a statement.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 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" rel="noopener noreferrer nofollow">https://t.co/lzvEGK6nJS</a>
 — Tether (@Tether_to) <a href="https://twitter.com/Tether_to/status/1785642325353349297?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 1, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Fiat-denominated stablecoins issued by the firm are currently backed by as much as 90% in cash and cash equivalents, according to the latest attestations.
These attestations are part of the company’s efforts to be more transparent, and to address the <a href="https://insidebitcoins.com/news/binance-ceo-calls-tether-usdt-a-blackbox-lacking-transparency-aims-to-give-investors-alternatives" rel="noopener noreferrer nofollow">uncertainty</a> around the company’s reserves.&nbsp;
 “Tether once again demonstrates its commitment to transparency, openness and conservative risk management,” Tether CEO Paolo Ardoino said in a May 1 <a href="https://twitter.com/paoloardoino/status/1785645617651274040" rel="noopener noreferrer nofollow">post</a>&nbsp;on X.
<h2 id="span-style-font-weight-400-sitting-on-a-massive-unrealized-profit-for-its-btc-position-span">Sitting On A Massive Unrealized Profit For Its BTC Position</h2>
Tether is the seventh largest Bitcoin holder. Wallet “bc1q,” belonging to the company, currently holds 75,354 BTC that is worth over $4.34 billion, according to <a href="https://platform.arkhamintelligence.com/explorer/address/bc1qjasf9z3h7w3jspkhtgatgpyvvzgpa2wwd2lr0eh5tx44reyn2k7sfc27a4" rel="noopener noreferrer nofollow">Arkham Intelligence</a>. That is after Tether acquired 8,888 BTC with a value of $626 million from Bitfinex on Mar. 31.
Despite Bitcoin’s more than 9% <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">drop</a> over the past week, Tether’s unrealized profit for on its holdings stand at about $2 billion, according to the <a href="https://coinstats.app/address/bc1qjasf9z3h7w3jspkhtgatgpyvvzgpa2wwd2lr0eh5tx44reyn2k7sfc27a4/" rel="noopener noreferrer nofollow">CoinStats</a> portfolio tracker.
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Tether Hits Record $4.5 Billion Profit In First Quarter On Gains From Bitcoin And Gold

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