CryptoNews

Tether Q1 2024 Attestation Reveals Record $4.52 Billion Profits

Tether's Q1 2024: $4.52 Billion Profits and $11.37 Billion Net Equity

Tether, one of the largest cryptocurrency companies, has recently released an attestation of its financial activity corresponding to Q1 2024. Tether registered a record-breaking $4.52 billion in profits, and disclosed its net equity levels, reporting $11.37 billion as of March 31, 2024. Tether issued over $12.5 billion USDT during this period.

Tether Attestation Registers Record-Breaking $4.52 Billion in Profits for Q1, Holds Over $90 Billion in U.S. Treasuries

Tether, the issuer of the cryptocurrency market’s largest stablecoin USDT, has disclosed its financial results for Q1 2024. In an attestation signed by BDO, an independent accounting network, the company announced record-breaking profits of $4.52 billion, as part of its stablecoin-derived operations. Tether specified that $1 billion was obtained directly from operations including U.S. Treasuries, while the rest was obtained from the appreciation of the company’s investments in gold and bitcoin.

Also, the company reported its net equity balances for the first time, reaching over $11 billion. The equity level rose significantly from December when it registered only $7 billion. Paolo Ardoino, CEO of Tether, remarked on the importance of disclosing this new number to the wider cryptocurrency market.

Ardoino stated:

In reporting not just the composition of our reserves, but now the Group’s net equity of $11.37 billion, Tether is again raising the bar in the cryptocurrency industry in the realms of transparency and trust.

Tether’s attestation reports a direct and indirect exposure of over $90 billion to U.S. treasury bills, registered as cash and cash equivalents. This determines that the issued USDT is 90% backed by instruments with high liquidity, securing the quick redemption of these tokens. In Q1 2024, over $12.5 billion USDT were issued.

Tether’s expansion investments, which seek to diversify the company’s portfolio and activity into different industries, were valued at over $5 billion. These investments include funding artificial intelligence (AI), clean energy, and bitcoin mining initiatives.

Tether recently disclosed an investment of $200 million into Blackrock Neurotech, a company that produces Brain-Computer-Interfaces (BCI) to help people with neurological function losses.

Source: Bitcoin

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