Tether Reports Record $4.52 Billion Profits in Q1 2024 Attestation
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Tether, a prominent player in the cryptocurrency industry, has released its financial attestation for the first quarter of 2024, revealing a record-breaking profit of $4.52 billion. As of March 31, 2024, Tether’s net equity stood at $11.37 billion, underscoring its robust financial health. The quarter was marked by significant activity, with Tether issuing over $12.5 billion in USD, highlighting its continued growth and influence in the digital currency market.
Tether Reports Record $4.52 Billion Profits in Q1 2024; Holds Substantial US Treasury Assets
Tether, the issuer of the leading stablecoin USDT, has disclosed its financial performance for the first quarter of 2024. An independent attestation by accounting firm BDO confirmed that Tether achieved a historic profit of $4.52 billion, primarily derived from its stablecoin operations.
Of this profit, $1 billion was directly generated from activities including investments in US Treasury bonds, while additional gains stemmed from the appreciation of the company’s holdings in gold and bitcoin.
Additionally, Tether revealed its net equity for the first time, reporting a total exceeding $11 billion, a significant increase from $7 billion in December. CEO Paolo Ardoino highlighted the importance of sharing this figure with the broader cryptocurrency community to maintain transparency.
Paolo Ardoino from Tether remarked:
“Tether is once again leading the way in transparency and trust within the cryptocurrency sector by not only disclosing the composition of our reserves but also revealing the company’s net equity, which stands at $11.37 billion.”
The attestation for Tether reflects both direct and indirect holdings exceeding $90 billion in U.S. Treasury bills, classified as cash and cash equivalents. This substantial backing ensures that 90% of the issued USDT is supported by highly liquid assets, facilitating swift redemptions of the tokens. During the first quarter of 2024, the company issued more than $12.5 billion in USDT.
Additionally, Tether is valuing its strategic expansion initiatives at over $5 billion. These ventures span various sectors, including artificial intelligence (AI), clean energy, and bitcoin mining, aiming to diversify the company’s portfolio and activities.
Moreover, Tether has committed $200 million to invest in Blackrock Neurotech, a company pioneering in brain-computer interfaces (BCI) that help restore neurological functions.
