Tether has revealed that it earned a record-breaking $4.52 billion net profit in Q1 2024. Indeed, the firm’s first quarter attestation also disclosed its highest treasury bill ownership percentage ever, with its group equity reaching $11.37 billion.
The assurance opinion of Tether Holdings Limited revealed the massive success that the firm has enjoyed to start the year. Moreover, the release noted that the main contribution of $1 billion was from those charged with the issuance of its stablecoin offering and managing respective reverses.
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Tether Reveals Record-Setting Profits to Start 2024
Source: CoinDesk
There is no denying that the digital asset industry has been a massive part of the discourse present in the finance sector this year. Amid Spot Bitcoin ETF approval in January, the market has increased in prevalence. Now, that has extended to massive success for some of the market’s participants.
One of those has been Tether, who reported a record-breaking $4.52 billion in profits in Q1 of 2024. Indeed, the firm released an attestation of the first quarter of the year, unveiling some notable milestones for the stablecoin issuer.
According to the press release made public by the firm, most of its profits were derived from US Treasury holdings. Additionally, remaining profits were due to “mark-to-market gains in Bitcoin and gold positions.”
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“Q1 2024 showcased the Group’s unprecedented achievement in increasing both direct and indirect ownership of US Treasuries,” the firm stated. Moreover, they noted that those treasuries now exceed $90 billion.
The group also revealed its net equity in what was a firm for the firm. In an effort to increase transparency, they disclosed $11.37 billion in net equity as of March 31st, 2024. Additionally, the release noted that to be an increase from December 2023’s recorded mark of $7.01 billion.
The report also divulged a $1 billion increase to reserves in order to better support tits stablecoin offerings. Indeed, those reserves now total almost $6.3 billion, according to the attestation.