USDT Issuer Tether Reports Record $4.52B Profit In Q1 2024
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: May 01 2024- Tether Holdings Limited Report: Released an attestation report for the first quarter of FY24, showcasing financial strength and reserves backing USDT stablecoins.
- Record Net Profit: Tether Group reported a massive net profit of $4.52 billion in Q1 2024, driven by operating profits and investments in US Treasury, Bitcoin, and Gold.
- Transparency and Stability: CEO Paolo Ardoino emphasized Tether's commitment to transparency, stability, liquidity, and responsible risk management.
- Asset Reserves and Investments: Tether reaffirmed backing stablecoins with Cash and Equivalents at 90%, exceeding liabilities by $6.26 billion, with strategic investments in various sectors.
- Market Leadership: Tether issued over $12.5 billion in USDT in Q1, solidifying its position as a leader in the stablecoin market.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
