Tether Holdings Limited has released its assurance opinion for the first quarter of 2024, showcasing impressive financial results.
The firm
reported a net profit of $4.52 billion, marking a significant milestone.
Additionally, Tether saw a substantial increase in its ownership of Treasury bills, reaching its highest-ever percentage.
The total net equity of the company exceeded $11.3 billion.
According to the attestation, the profit was primarily generated from the entities responsible for issuing stablecoins and managing their reserves.
The report highlighted that $1 billion in profit was derived from these operations.
The majority of this profit was attributed to the firm's U.S. Treasury holdings, with additional gains coming from bitcoin and gold positions.
The attestation also emphasized Tether's direct and indirect ownership of U.S. Treasurys, which surpassed $90 billion.
This signifies the company's significant presence in the market.
Furthermore, Tether disclosed its net equity for the first time, revealing a total of $11.37 billion as of March 31, 2024.
Tether’s USDT is the world’s largest stablecoin, worth over $110 billion, according to
CoinMarketCap data. The company issued $12.5 billion worth of USDT in the first quarter of 2024.
This represents a notable increase from the recorded equity of $7.01 billion on December 31, 2023.
Tether's commitment to transparency and trust is evident in its reporting of both reserves composition and net equity.
In terms of reserves backing its fiat-denominated stablecoins, the attestation confirmed that Tether-issued tokens are backed by as much as 90% in cash and cash equivalents.
This serves to reinforce the stability and reliability of Tether's offerings.
CEO Paolo Ardoino expressed his satisfaction with the company's performance, stating, "Tether continues to surpass expectations, achieving a new profit benchmark of $4.52 billion.
This highlights our firm's financial strength and stability.
By disclosing not only the composition of our reserves but also our net equity of $11.37 billion, Tether is setting a higher standard for transparency and trust in the cryptocurrency industry."
