Tether Holdings disclosed a noteworthy profit after taxes of $4.52 billion during the first quarter of 2024. Reportedly, Tether’s net equity reached 11.37 billion USD on March 31, 2024, a massive increase from 7.01 billion USD in 2023.
On Wednesday, Tether Holdings Ltd. (BVI) revealed its Q1 2024 assurance report conducted by BDO. This expanded disclosure surpasses previous reserve-focused reports, offering a comprehensive overview of the group’s financial health, emphasizing transparency and strength.
Bitcoin’s price reached a new high of $73,000 in March, bringing in a total of $4.52 billion, exceeding the previous record of $2.85 billion in net profit from the fourth quarter of 2023. Tether’s USDT token has a $1 value and may be redeemed for U.S. dollars. As of March 31, Tether’s reserves were roughly $6.3 billion more than the liabilities of the entities that issued USDT. USDT has a market valuation of $110 billion, trailing only bitcoin and ether among cryptocurrency assets.
Most of the profits, around $1 billion, originated from U.S. Treasury holdings, while the remainder came from Bitcoin and Gold gains. The Tether group also increased its U.S. Treasury ownership to $90 billion. Tether’s stablecoins are backed by up to 90% cash and cash equivalents. In Q1, over $12.5 billion in USDT was issued. Tether’s strategic investments, surpassing $5 billion, span AI, Renewable Energy, P2P communication, and BTC Mining, reflecting its commitment.
The CEO of Tether, Paolo Ardoino, expressed his gratitude for the company’s achievements. He commented that Tether’s testimony indicated its unwavering commitment to openness, stability, liquidity, and careful risk management. He also stated that by disclosing the makeup of their reserves and the group’s net equity of $11.37 billion, Tether was once again raising the bar in the cryptocurrency industry for openness and trust, a feat made possible by the support and trust of our valued audience.
