Tether has reported a record-breaking return for Q1 2024.
The firm noted that its net profit hit a record high of $4.52 billion in Q1 2024.
Tether also recorded a total group equity of $11.37 billion.
Tether, the world’s leading stablecoin issuer, has reported a record-breaking return for Q1 2024. In a recently published Q1 2024 attestation report, the firm noted that its net profit hit a record high of $4.52 billion, with total group equity of $11.37 billion, marking its highest-ever treasury bill ownership percentage.
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
The released figures reflected Tether Holdings Limited’s significant growth since the beginning of 2024. However, the firm attributed this success to those charged with issuing its stablecoin offering and managing respective reverses. It noted the contribution of $1 billion from this category of participants.
Furthermore, Tether noted that the bulk of the $1 billion profit earned by those charged with issuing stablecoins stemmed from net operating profits, primarily derived from U.S. Treasury holdings. According to Tether, the remainder of the profits were from Bitcoin and Gold positions.
As per U.S. Treasuries, Tether noted that it has increased its direct and indirect ownership to over $90 billion in Q1 2024. The company also highlighted that it calculated its indirect exposure to include overnight reverse-repurchase agreements collateralized by U.S. Treasuries and investments in U.S. Treasuries through money market funds.
Meanwhile, Tether’s report noted that this is the first time the company is unveiling its net equity, citing steadfast dedication to transparency as the reason behind it. It also highlighted that the recorded $11.37 billion net equity is a notable uptick from the previously recorded net equity of $7.01 billion as of December 31, 2023.
Tether also maintains a $1 billion increase in excess reserve as a buffer to support its stablecoin offering. That would push the total reserves to approximately $6.3 billion.
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