Tether Surpasses Records with $4.52 Billion Profit in Q1 2024 | Blockster

Tether Holdings Limited (BVI) has just released its assurance opinion for the first quarter of 2024, conducted by BDO, showcasing remarkable financial achievements and transparency efforts.

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The attestation, as of March 31, 2024, not only reveals Tether's reserves backing its fiat-denominated stablecoins but also provides a comprehensive overview of the entire Group's financial strength.
The first quarter of 2024 marked a monumental achievement for Tether, with a record-breaking net profit of $4.52 billion.
The profit was largely derived from net operating profits, including significant gains from US Treasury holdings, Bitcoin, and Gold positions.

One of the key highlights of the report is the Group's unprecedented increase in both direct and indirect ownership of U.S. Treasuries, surpassing $90 billion. Moreover, Tether's net equity surged to an impressive $11.37 billion as of March 31, 2024, reflecting a substantial increase from the previous quarter.

BDO confirmed that Tether-issued tokens are backed by Cash and Cash Equivalents at an impressive 90%, reaffirming the company's commitment to liquidity within the stablecoin ecosystem. Additionally, over $12.5 billion in USDt was issued in the first quarter alone.

Tether's strategic investments, totaling over $5 billion, highlight its dedication to various sectors such as AI, Renewable Energy, P2P communication, and BTC Mining. “With the first attestation of 2024, Tether has demonstrated its unwavering commitment to transparency, stability, liquidity, and responsible risk management.
"As shown in this latest report, Tether continues to shatter records with a new profit benchmark of $4.52 billion, reflecting the company’s sheer financial strength and stability. 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."

Paolo Ardoino, CEO of Tether
For further details, please refer to the latest assurance opinion and the Consolidated Reserves Report provided by Tether Holdings Limited (BVI). Tether remains adaptable to changing market conditions and community needs.