Tether sees record net profit of over $4.5 billion in first quarter of 2024

Tether USDT -0.078% 's attestation for the first quarter of 2024 revealed the firm made a net profit of $4.52 billion, saw its highest-ever percentage ownership of Treasury bills and had total net equity exceeding $11.3 billion.

On Tuesday, Tether Holdings Limited released its assurance opinion for the first quarter of 2024, which detailed $1 billion in profit from the group's entities in charge of issuing stablecoins and managing their respective reserves. According to Wednesday's attestation, most of this profit was primarily derived from its U.S. Treasury holdings, with the remainder coming from gains in bitcoin and gold positions.

Tether's U.S. Treasury holdings

Wednesday's attestation highlighted the firm's direct and indirect ownership of U.S. Treasurys, which is now cited as exceeding $90 billion. 

Tether also unveiled its net equity for the first time, totaling $11.37 billion as of March 31 of this year. "This reflects a notable uptick from the recorded equity of $7.01 billion on December 31, 2023," the statement from Tether added.

Regarding Tether's reserves backing its fiat-denominated stablecoins, the attestation said that Tether-issued tokens are backed by as much as 90% in cash and cash equivalents.

"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 CEO Paolo Ardoino said.