Key Points:
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 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. |
London, United Kingdom, 21st November 2024, Chainwire
The move will see developers utilize USDC on Aptos in creating dApps on a wide…
Abu Dhabi, UAE, 21st November 2024, Chainwire
Senator Cynthia Lummis outlined the Strategic Bitcoin Reserve, which will sell part of the Fed's…
As the cryptocurrency market expands and matures, a select few projects stand out for their…
SEC evaluates Solana Spot ETF applications from VanEck, 21Shares, and Canary Funds, with Bitwise preparing…
This website uses cookies.