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Tether Holdings, the creator of the leading stablecoin USDT, has announced a staggering net profit of $4.52 billion for the first quarter of 2024, showcasing a robust financial performance. This remarkable profit includes about $1 billion from operations related to U.S. Treasury holdings and $3.52 billion from market-to-market gains on Bitcoin and gold positions. Additionally, the company’s net equity surged to $11.37 billion as of March 31, up from $7.01 billion at the end of December 2023, according to their latest attestation report.
The firm’s financial health was further highlighted by the issuance of $12.5 billion in USDT during the quarter, confirming its dominance with a market cap exceeding $110 billion. Tether also reported an increase in excess reserves by $1 billion, totaling nearly $6.3 billion, which serves as a financial cushion for its stablecoin operations. These robust reserves exceed the liabilities, which were reported at over $104 billion in relation to the digital tokens issued, by more than $6.2 billion, underscoring the strength and reliability of Tether in the cryptocurrency market.
