As an analyst with a background in financial markets and experience in following the stablecoin sector closely, I am thoroughly impressed by Tether Holdings Ltd’s Q1, 2024 financial disclosure. The company’s net profit of $4.52 billion is a significant achievement, especially considering that over $1 billion came from U.S. Treasury holdings and mark-to-market gains in Bitcoin (BTC) and gold positions.
As a crypto investor, I’m excited to share that Tether Holdings Ltd, the company behind the widely used USDT stablecoin, recently published its Q1, 2024 assurance report. The report reveals an impressive net profit of $4.52 billion for this quarter. This substantial gain follows the strong performance in Q4, 2023 and is a significant achievement for Tether Holdings as they continue to grow and strengthen their position in the market.
Tether discloses Q1 earnings
Approximately $1 billion out of Tether’s total reported profit of $4.52 billion came from net operating profits, which mainly stemmed from U.S. Treasury holdings. The rest of the profit, amounting to $3.52 billion, can be attributed to mark-to-market gains in their Bitcoin (BTC) and gold investments. Tether notes that they have over $90 billion in combined direct and indirect ownership of U.S. Treasuries at present.
For the first time, Tether revealed its net equity, amounting to an impressive $11.37 billion on March 31, 2024. This is a significant jump from its previously reported equity of $7.01 billion as of December 31, 2023. The disclosed document stated that the company had set aside $1 billion as a precautionary measure for its stablecoin services. Therefore, the total amount now stands at approximately $6.3 billion.
In the first quarter, Tether reportedly released over $12.5 billion worth of USDT tokens. The company emphasized that 90% of these tokens are backed by cash and its equivalent assets. This backing maintains sufficient liquidity for the stablecoin market.
As a crypto investor, I’d rephrase it like this: “Apart from my stablecoin holdings, I personally have strategic investments worth over $5 billion in Tether. These investments span various sectors, including renewable energy, artificial intelligence (AI), peer-to-peer connectivity, and Bitcoin mining.”
Tether’s crypto adventures
As a researcher studying the cryptocurrency market, I’m not surprised by Tether’s impressive quarterly performance in Q1, 2024. The company has consistently demonstrated its dedication to the crypto industry through various initiatives aimed at strengthening its position and enhancing trust within the ecosystem.
One billion units of USDT were newly issued on the Ethereum blockchain by the company in preparation for the Bitcoin halving, which took place at the end of April.
In an exciting development, I, Paolo Ardoino, the CEO of Tether, have announced the deployment of USDT on Toncoin‘s (TON) blockchain. Previously reported by U.Today, the USDT on TON will be introduced with a seed capitalization amounting to $10 million.
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2024-05-01 19:14