Tether, the stablecoin issuer behind USDT, achieved an impressive net profit of $4.52 billion in the first quarter of FY24, setting a remarkable record for the company.
Tether Holdings Limited has released its attestation report for the initial quarter of FY24, as of March 31, 2024, which extends beyond the reserves supporting Tether Fiat-denominated stablecoins. This report offers a comprehensive insight into the financial strength of the entire Tether Group.
The first quarter of 2024 marked a groundbreaking moment for Tether Group, with its net profit soaring to an astounding $4.52 billion. This achievement is a significant milestone in the company's history, propelled by net operating profits primarily from US Treasury holdings, complemented by mark-to-market gains in Bitcoin and Gold positions.
Additionally, Q1 2024 showcased Tether's unparalleled success in increasing both direct and indirect ownership of U.S. Treasuries, surpassing $90 billion. This expansion includes indirect exposure through overnight reverse-repurchase agreements and investments in US Treasuries via money market funds.
The commitment to transparency was further emphasized with the disclosure of Tether's net equity for the first time, amounting to an impressive $11.37 billion as of March 31, 2024. Paolo Ardoino, CEO of Tether, highlighted the company's dedication to transparency, stability, liquidity, and responsible risk management.
Ardoino stated, "With the first attestation of 2024, Tether has demonstrated its unwavering commitment to transparency, stability, liquidity, and responsible risk management.” The Tether CEO added, “As shown in this latest report, Tether continues to shatter records with a new profit benchmark of $4.52 billion, reflecting the company’s sheer financial strength and stability. In reporting not just the composition of our reserves, but now the Group’s net equity of $11.37 billion, Tether is again raising the bar in the cryptocurrency industry in the realms of transparency and trust.”
Tether Holdings Limited has released its attestation report for the initial quarter of FY24, as of March 31, 2024, which extends beyond the reserves supporting Tether Fiat-denominated stablecoins. This report offers a comprehensive insight into the financial strength of the entire Tether Group.
The first quarter of 2024 marked a groundbreaking moment for Tether Group, with its net profit soaring to an astounding $4.52 billion. This achievement is a significant milestone in the company's history, propelled by net operating profits primarily from US Treasury holdings, complemented by mark-to-market gains in Bitcoin and Gold positions.
Additionally, Q1 2024 showcased Tether's unparalleled success in increasing both direct and indirect ownership of U.S. Treasuries, surpassing $90 billion. This expansion includes indirect exposure through overnight reverse-repurchase agreements and investments in US Treasuries via money market funds.
The commitment to transparency was further emphasized with the disclosure of Tether's net equity for the first time, amounting to an impressive $11.37 billion as of March 31, 2024. Paolo Ardoino, CEO of Tether, highlighted the company's dedication to transparency, stability, liquidity, and responsible risk management.
Ardoino stated, "With the first attestation of 2024, Tether has demonstrated its unwavering commitment to transparency, stability, liquidity, and responsible risk management.” The Tether CEO added, “As shown in this latest report, Tether continues to shatter records with a new profit benchmark of $4.52 billion, reflecting the company’s sheer financial strength and stability. In reporting not just the composition of our reserves, but now the Group’s net equity of $11.37 billion, Tether is again raising the bar in the cryptocurrency industry in the realms of transparency and trust.”