{"id":606044,"date":"2024-05-01T21:00:06","date_gmt":"2024-05-01T21:00:06","guid":{"rendered":"https:\/\/www.uniquehot.com\/?p=606044"},"modified":"2024-05-01T14:43:41","modified_gmt":"2024-05-01T14:43:41","slug":"stablecoin-giant-tether-strikes-gold-achieves-record-net-profit-of-4-5-billion-in-q1","status":"publish","type":"post","link":"https:\/\/www.uniquehot.com\/news\/tether-usdt\/stablecoin-giant-tether-strikes-gold-achieves-record-net-profit-of-4-5-billion-in-q1\/","title":{"rendered":"Stablecoin Giant Tether Strikes Gold: Achieves Record Net Profit Of $4.5 Billion In Q1"},"content":{"rendered":"

Stablecoin issuer Tether, a prominent player in the cryptocurrency market behind the widely used <\/span>USDT stablecoin<\/span>, has released its audit statement for the first quarter of 2024, accompanied by a report conducted by independent accounting firm BDO.\u00a0<\/span><\/p>\n

The <\/span>report<\/span><\/a>, which provides additional financial information beyond the reserves backing Tether’s fiat-denominated stablecoins, shows the company’s profit for the first quarter of the year, which saw an increased influx of capital into the market.\u00a0<\/span><\/p>\n

Tether Q1 2024 Financials Soar<\/span><\/h2>\n

Digging into the numbers, the first quarter of 2024 proved highly profitable for Tether, with a net profit of $4.52 billion.\u00a0<\/span><\/p>\n

The main contributors, the entities responsible for issuing stablecoins and managing reserves, reportedly generated approximately $1 billion of this profit from net operating gains, primarily from <\/span>US Treasury holdings<\/span><\/a>. The remaining profits were attributable to mark-to-market gains on Bitcoin (BTC) and gold positions.<\/span><\/p>\n

Related Reading: Bitcoin Price Dips Below $57,000: 4 Key Reasons<\/a><\/div>\n

The report also highlighted Tether’s success in increasing its direct and indirect holdings of US Treasuries to over $90 billion. This includes indirect exposure through overnight reverse repurchase agreements collateralized by US Treasuries and investments in US Treasuries through <\/span>money market funds<\/span><\/a>.<\/span><\/p>\n

\"Tether\"
Tether’s cash and cash equivalents increase through US Treasuries. Source: Tether Q1 report<\/a><\/figcaption><\/figure>\n

In a sign of significant growth, Tether also disclosed its net equity for the first time, revealing a figure of $11.37 billion as of March 31, 2024. This is an increase from the $7.01 billion equity reported as of December 31, 2023.\u00a0<\/span><\/p>\n

The report also highlighted a $1 billion increase in excess <\/span>reserves<\/span><\/a>, which support the company’s stablecoin offerings, bringing the total to nearly $6.3 billion.<\/span><\/p>\n

CEO Emphasizes Transparency And Stability<\/span><\/h2>\n

The BDO confirmation reiterated that Tether-issued tokens are 90% backed by cash and cash equivalents, underscoring the company’s stance on maintaining liquidity within the stablecoin ecosystem. Furthermore, the report revealed that over $12.5 billion worth of USDT was issued in the first quarter alone.<\/span><\/p>\n

Tether Group’s strategic investments, which exceed $5 billion as of the report date, span various sectors, including <\/span>artificial intelligence<\/span><\/a> (AI) and data, renewable energy, person-to-person (P2P) communication, and Bitcoin Mining.\u00a0<\/span><\/p>\n

Related Reading: Machine Learning Algorithm Predicts Dogecoin Price For May 2024<\/a><\/div>\n

In response to the latest report, Paolo Ardoino, CEO of Tether, expressed the company’s commitment to transparency, stability, liquidity, and responsible risk management.\u00a0<\/span><\/p>\n

Ardoino highlighted Tether’s record-breaking profit benchmark of $4.52 billion and the company’s efforts to increase <\/span>transparency <\/span><\/a>and trust within the cryptocurrency industry. Ardoino further claimed:<\/span>
\n<\/span><\/p>\n

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.\u00a0<\/span><\/p><\/blockquote>\n

\"Tether
The daily chart shows the total crypto market cap’s valuation decreasing to $2.085. Source: TOTAL on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image from Shutterstock, chart from TradingView.com <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Stablecoin issuer Tether, a prominent player in the cryptocurrency market behind the widely used USDT stablecoin, has released its audit statement for the first quarter of 2024, accompanied by a report conducted by independent accounting firm BDO.\u00a0 The report, which provides additional financial information beyond the reserves backing Tether’s fiat-denominated stablecoins, shows the company’s profit for the first quarter of the year, which saw an increased influx of capital into the market.\u00a0 Tether Q1 2024 Financials Soar Digging into the numbers, the first quarter of 2024 proved highly profitable for Tether, with a net profit of $4.52 billion.\u00a0 The main contributors, the entities responsible for issuing stablecoins and managing reserves, reportedly generated approximately $1 billion of this profit from net operating gains, primarily from US Treasury holdings. The remaining profits were attributable to mark-to-market gains on Bitcoin (BTC) and gold positions. Related Reading: Bitcoin Price Dips Below $57,000: 4 Key Reasons The report also highlighted Tether’s success in increasing its direct and indirect holdings of US Treasuries to over $90 billion. This includes indirect exposure through overnight reverse repurchase agreements collateralized by US Treasuries and investments in US Treasuries through money market funds. In a sign of significant growth, Tether also disclosed its net equity for the first time, revealing a figure of $11.37 billion as of March 31, 2024. This is an increase from the $7.01 billion equity reported as of December 31, 2023.\u00a0 The report also highlighted a $1 billion increase in excess reserves, which support the company’s stablecoin offerings, bringing the total to nearly $6.3 billion. CEO Emphasizes Transparency And Stability The BDO confirmation reiterated that Tether-issued tokens are 90% backed by cash and cash equivalents, underscoring the company’s stance on maintaining liquidity within the stablecoin ecosystem. Furthermore, the report revealed that over $12.5 billion worth of USDT was issued in the first quarter alone. Tether Group’s strategic investments, which exceed $5 billion as of the report date, span various sectors, including artificial intelligence (AI) and data, renewable energy, person-to-person (P2P) communication, and Bitcoin Mining.\u00a0 Related Reading: Machine Learning Algorithm Predicts Dogecoin Price For May 2024 In response to the latest report, Paolo Ardoino, CEO of Tether, expressed the company’s commitment to transparency, stability, liquidity, and responsible risk management.\u00a0 Ardoino highlighted Tether’s record-breaking profit benchmark of $4.52 billion and the company’s efforts to increase transparency and trust within the cryptocurrency industry. Ardoino further claimed: 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.\u00a0 Featured image from Shutterstock, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":606045,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[89687],"tags":[6664,14690,1558,54512,89255,4100,91454,91244,88618,85767,91241,88745,88744],"class_list":["post-606044","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tether-usdt","tag-crypto","tag-crypto-news","tag-cryptocurrency","tag-defi","tag-stablecoin-news","tag-tether","tag-tether-usdt","tag-tether-bitcoin","tag-tether-ceo","tag-tether-netflows","tag-tether-news","tag-tether-profits","tag-tether-reserves"],"acf":[],"yoast_head":"\nStablecoin Giant Tether Strikes Gold: Achieves Record Net Profit Of $4.5 Billion In Q1<\/title>\n<meta name=\"description\" content=\"Tether has released its audit statement for the first quarter of 2024, accompanied by a 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Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. 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