Tether Holdings reports $4.52 billion net profit in Q1 2024, reaching $11.37 billion net equity.
Expansion in U.S. Treasuries and excess reserves boosts Tether’s financial stability.
CEO Paolo Ardoino emphasizes transparency and responsible risk management for Tether’s future success.
Tether Holdings has reported an impressive profit after tax of $4.52 billion in the first quarter of the year 2024. One of the world’s overall stablecoin manager has realized significant growth both in its financial status. By March 31, 2024, the net equity of Tether totaled 11.37 billion USD and grew significantly from 7.01 billion USD in 2023.
Strategic Asset Management
During the quarter, the firm increased its holdings in U.S. Treasuries to over $90 billion. This includes both direct ownership and indirect exposure via reverse-repurchase agreements and money market funds. Tether’s asset management has contributed to its financial success, complemented by gains in Bitcoin and Gold investments.
Tether Releases Q1 2024 Attestation: Reports Record-Breaking $4.52 Billion Profit, Highest Treasury Bill Ownership Percentage Ever, Total Group Equity of $11.37 BillionRead More:https://t.co/lzvEGK6nJS
— Tether (@Tether_to) May 1, 2024
Moreover, the report highlighted a $1 billion boost in Tether’s excess reserves. These reserves act as a safety net, supporting the stability of the company’s stablecoin offerings. As reported, these excess reserves now total just under $6.3 billion.
Going ahead, Tether Holdings is confident in maintaining its path toward the financial glory. Tether’s CEO, Paolo Ardoino, stressed the company’s transparency, stability, liquidity, and prudent risk management. Through these principles, Tether Holdings is writing a new quality standard for the cryptocurrency industry, guaranteeing trust and operational integrity.
Tether’s latest financial fortify its position in the digital currency market. As the company continues to expand its investments in various sectors, including AI and renewable energy, its financial management is poised to drive further success in future quarters.
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