Key Points:
- Tether profits hit a Q1 2024 record of $4.52 billion, driven by US Treasury bond holdings and asset returns.
- Reveals first-time net equity of $11.37 billion and $1 billion increase in reserves.
Tether Holdings Limited (BVI) has unveiled its assurance opinion for the first quarter of 2024, marking a notable shift towards enhanced transparency.
Tether Profits Achieve Record in Q1 2024
Conducted by BDO, a prominent global independent accounting firm, the attestation as of March 31, 2024, expands beyond the reserves backing Tether Fiat-denominated stablecoins. The report now provides a comprehensive overview of the entire Group’s financial robustness, including a record net profit of $4.52 billion, a significant leap from the previous quarter.
The surge in Tether profits was primarily driven by approximately $1 billion in net operating profits, largely sourced from US Treasury holdings, with the remaining attributed to mark-to-market gains in Bitcoin and Gold positions. Moreover, the Group demonstrated unprecedented strides in augmenting both direct and indirect ownership of U.S. Treasuries, exceeding $90 billion. This encompassed investments in US Treasuries through various channels, including money market funds.
Tether also disclosed its net equity for the first time, standing at an impressive $11.37 billion as of March 31, 2024, reflecting a substantial increase from the previous quarter. Additionally, the company’s stablecoin, USDT, maintains its status as the world’s largest, with a value surpassing $110 billion.
Furthermore, the report highlights a $1 billion increase in excess reserves, reinforcing Tether’s commitment to supporting its stablecoin offerings. Notably, the Reserves Report reaffirms Tether’s robust financial position, with assets exceeding liabilities by over $6.26 billion.
CEO Emphasizes Transparency and Strategic Investments
CEO Paolo Ardoino emphasized Tether’s dedication to transparency, stability, and responsible risk management, citing Tether profits and expanded financial disclosures as a testament to its commitment to industry-leading transparency and trust.
Tether Group’s strategic investments, totaling over $5 billion, underscore its enduring mission across various sectors, from AI and Data to Renewable Energy and BTC Mining.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Author
News
Tether Profits Hit Record In Q1 With $4.52 Billion
Key Points:
- Tether profits hit a Q1 2024 record of $4.52 billion, driven by US Treasury bond holdings and asset returns.
- Reveals first-time net equity of $11.37 billion and $1 billion increase in reserves.
Tether Holdings Limited (BVI) has unveiled its assurance opinion for the first quarter of 2024, marking a notable shift towards enhanced transparency.
Tether Profits Achieve Record in Q1 2024
Conducted by BDO, a prominent global independent accounting firm, the attestation as of March 31, 2024, expands beyond the reserves backing Tether Fiat-denominated stablecoins. The report now provides a comprehensive overview of the entire Group’s financial robustness, including a record net profit of $4.52 billion, a significant leap from the previous quarter.
The surge in Tether profits was primarily driven by approximately $1 billion in net operating profits, largely sourced from US Treasury holdings, with the remaining attributed to mark-to-market gains in Bitcoin and Gold positions. Moreover, the Group demonstrated unprecedented strides in augmenting both direct and indirect ownership of U.S. Treasuries, exceeding $90 billion. This encompassed investments in US Treasuries through various channels, including money market funds.
Tether also disclosed its net equity for the first time, standing at an impressive $11.37 billion as of March 31, 2024, reflecting a substantial increase from the previous quarter. Additionally, the company’s stablecoin, USDT, maintains its status as the world’s largest, with a value surpassing $110 billion.
Furthermore, the report highlights a $1 billion increase in excess reserves, reinforcing Tether’s commitment to supporting its stablecoin offerings. Notably, the Reserves Report reaffirms Tether’s robust financial position, with assets exceeding liabilities by over $6.26 billion.
CEO Emphasizes Transparency and Strategic Investments
CEO Paolo Ardoino emphasized Tether’s dedication to transparency, stability, and responsible risk management, citing Tether profits and expanded financial disclosures as a testament to its commitment to industry-leading transparency and trust.
Tether Group’s strategic investments, totaling over $5 billion, underscore its enduring mission across various sectors, from AI and Data to Renewable Energy and BTC Mining.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Other Posts
Related Posts
Latest
Nexon and Wemade Confirm No Plans to Profit from Bitcoin Holdings
Press Release
Arcana Network Launches the First Ever Chain Abstraction Wallet, Ushering a New Era of Multi-Chain Transactions
