{"id":293622,"date":"2024-05-01T19:37:26","date_gmt":"2024-05-01T14:07:26","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=293622"},"modified":"2024-05-01T19:37:26","modified_gmt":"2024-05-01T14:07:26","slug":"usdt-issuer-tether-reports-record-4-52b-profit-in-q1-2024-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/usdt-issuer-tether-reports-record-4-52b-profit-in-q1-2024-crypto-news\/","title":{"rendered":"USDT Issuer Tether Reports Record $4.52B Profit In Q1 2024 – Crypto News"},"content":{"rendered":"

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Tether Holdings Limited, the issuer of USDT stablecoin, has unveiled the attestation report for the first quarter of FY24. The latest attestation, as of March 31, 2024, goes beyond the reserves backing Tether Fiat-denominated stablecoins. Moreover, it provides a comprehensive overview of the entire Tether Group\u2019s financial prowess.<\/p>\n

Tether Reports Gigantic Net Profit<\/h2>\n

In a groundbreaking achievement, the first quarter of 2024 witnessed Tether<\/a> Group\u2019s net profit soaring to an astonishing $4.52 billion, marking a significant milestone in the company\u2019s history. The profits were primarily driven by net operating profits, largely derived from US Treasury holdings, and supplemented by mark-to-market gains in Bitcoin and Gold positions.<\/p>\n

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Moreover, Q1 2024 showcased the USDT issuer\u2019s unparalleled success in increasing both direct and indirect ownership of U.S. Treasuries, now exceeding $90 billion. Furthermore, this included indirect exposure through overnight reverse-repurchase agreements and investments in US Treasuries via money market funds.<\/p>\n

The USDT issuer\u2019s commitment to transparency was further underscored by the revelation of its net equity for the first time, standing at an impressive $11.37 billion as of March 31, 2024. Paolo Ardoino<\/a>, CEO of Tether, emphasized the company\u2019s dedication to transparency, stability, liquidity, and responsible risk management. He stated, \u201cWith the first attestation of 2024, Tether has demonstrated its unwavering commitment to transparency, stability, liquidity, and responsible risk management.\u201d<\/p>\n

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The Tether CEO added, \u201cAs shown in this latest report, Tether continues to shatter records with a new profit benchmark of $4.52 billion, reflecting the company\u2019s sheer financial strength and stability. In reporting not just the composition of our reserves, but now the Group\u2019s net equity of $11.37 billion, Tether is again raising the bar in the cryptocurrency industry in the realms of transparency and trust.\u201d<\/p>\n

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Also Read:\u00a0Tether Invests $200M Into Elon Musk\u2019s Neuralink Rival Blackrock Neurotech<\/a><\/strong><\/p>\n

Asset Reserves & Strategic Investments<\/h2>\n

Additionally, Tether reaffirmed the backing of its fiat-denominated stablecoins with Cash and Cash Equivalents at an impressive 90%. Hence, it ensures liquidity within the stablecoin ecosystem. In the first quarter alone, over $12.5 billion in USDT<\/a> was issued. This further solidifies Tether\u2019s position as a leader in the stablecoin market.<\/p>\n

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The Reserves Report (RR) section of the new report<\/a> reiterated Tether\u2019s strong financial position. Its asset reserves for USDT tokens in circulation exceed the liabilities by $6.26 billion. Furthermore, the report highlighted Tether\u2019s strategic investments of over $5 billion as of the report date. The investments have been made across various sectors such as AI and Data, Renewable Energy, P2P communication, and BTC Mining.<\/p>\n

Also Read:\u00a0Crypto Prices Dip On May 1, Why Bitcoin Price Risks Crashing To $45-49K?<\/a><\/strong><\/p>\n

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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Tether Holdings Limited, the issuer of USDT stablecoin, has unveiled the attestation report for the first quarter of FY24. The latest attestation, as of March 31, 2024, goes beyond the reserves backing Tether Fiat-denominated stablecoins. Moreover, it provides a comprehensive overview of the entire Tether Group\u2019s financial prowess. Tether Reports Gigantic Net Profit In a […]<\/p>\n","protected":false},"author":2,"featured_media":258808,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-293622","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/293622","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=293622"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/293622\/revisions"}],"predecessor-version":[{"id":293627,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/293622\/revisions\/293627"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/258808"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=293622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=293622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=293622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}