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News

Tether Profits Hit Record In Q1 With $4.52 Billion

May 1, 2024 - Around 2 mins mins to read

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 Hit Record In Q1 With $4.52 Billion

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.

Bitcoin

Tether

Tether Profit

U.S. Treasuries

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
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 Hit Record In Q1 With $4.52 Billion

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.
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