Tether, the issuer of USDT, broke a new record by making a net profit of $ 4.5 billion in the first quarter of 2024. 🚀 BDO's assurance opinion published on May 1 showed that Tether's stock of Treasury bills exceeded $90 billion and the digital asset company's total net asset exceeded $11.3 billion due to diversified operations. Additionally, this means that the company's fiat-backed stablecoins are 90% backed by cash and cash equivalents for the first time. Tether CEO Paolo Ardoino said these statistics underscore our commitment to responsible risk management as the crypto and stablecoin market leader. According to CoinGecko, USDT is currently the largest US dollar-backed stablecoin and the third-largest cryptocurrency behind Bitcoin and Ethereum (ETH), with a market cap of over $110 billion.