Tether Nets Stellar $4.52B Q1 Profit

Tether Holdings Limited, the issuer of the USDT stablecoin, has reported a record net profit of $4.52 billion for the first quarter of 2024. The significant increase in profits was primarily attributed to net operating profits from holdings in U.S. Treasuries and mark-to-market gains in Bitcoin and gold positions. The company has bolstered its ownership of U.S. Treasuries to more than $90 billion.

In a bid to demonstrate its commitment to transparency and financial stability, Tether disclosed its net equity, which reached $11.37 billion as of March 31, 2024. This represents a substantial rise from the $7.01 billion figure at the end of the previous year. The firm's backing of USDT with cash and cash equivalents has been confirmed at an average of 90%. Additionally, the issuance of over $12.5 billion in USDT during the quarter reflects continued market demand and trust in Tether’s offerings.

The company has also made strategic investments across various sectors, including artificial intelligence, renewable energy, peer-to-peer communication, and Bitcoin mining, totaling more than $5 billion. These strategic moves and robust financial results underscore Tether’s position as a prominent entity in the cryptocurrency market.