Tether Achieves Record Net Profit of Over $4.5 Billion in Q1 2024

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The proof for the first quarter of 2024 shows that the company recorded net income of $4.52 billion, its stake in Treasury securities was at an all-time high, and total net income exceeded $11.3 billion.

On Tuesday, Tether Holdings Limited has issued an assurance opinion for the first quarter of 2024. The report included $1 billion in revenue generated from the group’s entities responsible for issuing stablecoins and managing reserves. According to Wednesday’s proof, most of these gains were derived primarily from holdings of U.S. Treasury bonds.The remainder comes from profits from Bitcoin and gold positions.

Tether’s US Treasury holdings

Wednesday’s testimony highlighted the company’s direct and indirect ownership of U.S. Treasury securities, currently quoted as exceeding $90 billion.

Tether too As of March 31 of this year, the net capital was disclosed for the first time as $11.37 billion. “This reflects a significant increase from the $7.01 billion in assets recorded on December 31, 2023,” Tether added.

Regarding Tether’s reserves backing fiat-denominated stablecoins, the certificate stated that tokens issued by Tether are backed by up to 90% of cash and cash equivalents.

“Tether continues to break records with a new revenue benchmark of $4.52 billion, reflecting the company’s financial strength and stability. Reporting not only its reserve composition but also the group’s current net assets of $11.37 billion, Tether has once again “We are contributing to the cryptocurrency industry in the areas of transparency and trust,” said Paolo Ardoino, CEO of Tether.

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