Tether Holdings, operator of the world's largest stablecoin (USDT), reported a record net profit of US$4.52 billion for the first quarter of 2024.
In addition, Tether's certified report for Q1 2024 showed US$11.37 billion as of March 31, up significantly from US$7.01 billion at the end of December 2023.
Approximately US$1 billion was from operating income generated from transactions with the U. S. Treasury, while the remaining US$3.52 billion came from market trading of bitcoins (BTC) and gold.
According to CoinMarketCap, #USDT #Tether is the world's largest stable coin, valued at more than $110 billion. In the first quarter of this year, the company issued USDT worth $12.5 billion.
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The report also revealed a $1 billion increase in excess reserves maintained as a buffer to support the company's stable coin supply. Tether's total excess reserves amounted to just under $6.3 billion.
The report also revealed more than $104 billion in liabilities related to "digital tokens issued," with the value of Tether's reserve assets exceeding the value of its liabilities by more than $ 6.2 billion as of March 31.
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