Tether Holdings Limited, the issuer of USDT stablecoin, has recently released its attestation report for the first quarter of the fiscal year 2024. The report, as of March 31, 2024, not only showcases the reserves supporting Tether Fiat-denominated stablecoins but also offers a comprehensive overview of the company’s financial strength.
During the first quarter of 2024, Tether Group reported a remarkable net profit of $4.52 billion, a significant milestone in the company’s history. The impressive profits were largely attributed to net operating profits, primarily from US Treasury holdings, complemented by mark-to-market gains from Bitcoin and Gold positions.
Furthermore, the first quarter of 2024 demonstrated Tether Group’s success in increasing both direct and indirect ownership of U.S. Treasuries, exceeding $90 billion. This includes indirect exposure via overnight reverse-repurchase agreements and investments in US Treasuries through money market funds.
The commitment to transparency was highlighted with the disclosure of the company’s net equity for the first time, amounting to $11.37 billion as of March 31, 2024. Paolo Ardoino, Tether’s CEO, reiterated the company’s dedication to transparency, stability, liquidity, and responsible risk management, emphasizing Tether’s unwavering commitment to these principles.
Ardoino stated, Tether continues to set new records with a profit of $4.52 billion, showcasing its financial strength and stability. By disclosing our net equity of $11.37 billion, Tether is setting a new industry standard for transparency and trust.
Tether reaffirmed the backing of its stablecoins with Cash and Cash Equivalents at 90%, ensuring liquidity within the stablecoin ecosystem. In the first quarter alone, over $12.5 billion in USDT was issued, solidifying Tether’s position as a leader in the stablecoin market.
The Reserves Report section reiterated Tether’s strong financial position, with asset reserves exceeding liabilities by $6.26 billion for USDT tokens in circulation. Additionally, strategic investments totaling over $5 billion across sectors like AI and Data, Renewable Energy, P2P communication, and BTC Mining were highlighted in the report.
Overall, Tether’s Q1 2024 financial results signify its continued success and unwavering commitment to transparency and stability in the cryptocurrency industry.
