USDT Issuer Tether Reports Record $4.52B Profit In Q1 2024

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As a seasoned crypto investor with a keen interest in stablecoins and transparency, I’m thrilled to see Tether Holdings Limited’s impressive financial performance in the first quarter of FY24. The comprehensive attestation report not only assures us of the reserves backing Tether’s USDT stablecoin but also provides valuable insights into the entire Tether Group’s financial health.

As a researcher studying the financial reports of Tether Holdings Limited, I’m excited to share that they have recently made public the attestation report for the first quarter of their fiscal year 2024 (FY24), ending on March 31, 2024. This latest attestation goes beyond just disclosing the reserves backing Tether’s USDT stablecoins. It offers a thorough and detailed insight into the overall financial health of the entire Tether Group.

Tether Reports Gigantic Net Profit

In the first quarter of 2024, Tether Group experienced a remarkable leap forward as its net profit reached an impressive $4.52 billion. This significant achievement represents a historic moment for the company, with profits mainly attributed to robust operating revenues from US Treasury holdings and additional gains from Bitcoin and Gold market value adjustments.

As an analyst, I’ve observed that the USDT issuer made significant strides in Q1 2024, surpassing $90 billion in both direct and indirect ownership of U.S. Treasuries. This accomplishment was achieved through various means, including overnight reverse-repurchase agreements and investments in US Treasuries via money market funds.

For the first time, Tether, the USDT issuer, disclosed its net equity, which amounted to a significant $11.37 billion according to the report as of March 31, 2024. This announcement underscores their strong commitment to transparency. In his statement, Paolo Ardoino, Tether’s CEO, emphasized their dedication to maintaining transparency, ensuring stability, promoting liquidity, and managing risks responsibly. He added, “With this year’s first attestation, Tether has shown its unwavering commitment to transparency, stability, liquidity, and responsible risk management.”

As a researcher examining Tether’s latest financial report, I’m excited to share that the company has set a new profit record of $4.52 billion. This impressive figure underscores Tether’s robust financial health and stability. In an effort to enhance transparency and build trust within the cryptocurrency industry, we’ve expanded our reporting to include the group’s net equity, totaling $11.37 billion. By disclosing these comprehensive financial figures, Tether continues to lead the way in setting new standards for openness and reliability.

Asset Reserves & Strategic Investments

Tether confirmed that 90% of its dollar-pegged stablecoins are backed by cash and cash equivalents, providing reassurance and maintaining liquidity within the stablecoin market. In Q1 alone, over $12.5 billion worth of USDT was issued, underscoring Tether’s dominance in the stablecoin sector.

In the latest report, the Reserves Report (RR) segment underscored Tether’s robust financial health. With over $6.26 billion in reserves backing USDT tokens currently circulating, Tether’s assets outweigh its liabilities by a substantial margin. Moreover, the document revealed that Tether had invested more than $5 billion as of the report date. These investments span various industries including Artificial Intelligence and Data, Renewable Energy, Peer-to-Peer Communication, and Bitcoin Mining.

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2024-05-01 16:53