Stablecoin

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<div class="insidebitcoins">
 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="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%200%200'%3E%3C/svg%3E" alt="Tether" data-lazy-src="https://cdn.thebittimes.com/images/2024/05/02/408d3a3f791aec60987fa080028d6dfa.webp">
 <noscript><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/02/408d3a3f791aec60987fa080028d6dfa.webp" alt="Tether">
 </noscript>
 <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>
 Tether 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:https://t.co/lzvEGK6nJS
 — Tether (@Tether_to) May 1, 2024
 </blockquote>
 
 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 uncertainty 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 post&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 Arkham Intelligence. 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% drop over the past week, Tether’s unrealized profit for on its holdings stand at about $2 billion, according to the CoinStats portfolio tracker.
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 Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/tether-hits-record-4-5-billion-profit-in-first-quarter-on-gains-from-bitcoin-and-gold-tbt87210.html">https://thebittimes.com/tether-hits-record-4-5-billion-profit-in-first-quarter-on-gains-from-bitcoin-and-gold-tbt87210.html</a>
</div>

Tether Hits Record $4.5 Billion Profit In First Quarter On Gains From Bitcoin And Gold

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TheBitTimes

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