thenewscrypto.com
- The issuer of USDT has shown its dedication to openness by finally disclosing its net equity.
- The first attestation of 2024 shows Tether’s dedication to prudent risk management.
The USDT stablecoin’s issuer, Tether, has released its Q1 attestation report for 2024. As of March 31, 2024, the most recent attestation extends beyond the reserves supporting Tether stablecoins. In addition, it summarizes the financial strength of the whole Tether Group.
The first quarter of 2024 was a watershed moment in Tether Group’s history, as the net profit skyrocketed to an incredible $4.52 billion. Net operational earnings, which came mostly from US Treasury holdings, and mark-to-market gains in Bitcoin and Gold positions were the main drivers of the profits.
Tether’s Dominance Continues
The USDT issuer also achieved unprecedented success in the first quarter of 2024 by expanding direct and indirect ownership of U.S. Treasuries, which currently exceeds $90 billion. Additionally, this included indirect exposure via investments in US Treasuries through money market funds and overnight reverse-repurchase arrangements.
The issuer of USDT has shown its dedication to openness by finally disclosing its net equity as of March 31, 2024, which stands at a whopping $11.37 billion. Transparency, stability, liquidity, and reasonable risk management were highlighted by Tether CEO Paolo Ardoino. The first attestation of 2024 shows Tether’s dedication to prudent risk management, stability, transparency, and liquidity, he said.
The 90% backing of Tether’s fiat-denominated stablecoins with Cash and Cash Equivalents was also confirmed. As a result, the stablecoin ecosystem is guaranteed to have liquidity. More than $12.5 billion in USDT was issued in only the first quarter. As a result, Tether’s dominance in the stablecoin industry is further cemented.
Highlighted Crypto News Today:
Crypto Hack Losses Decrease by 67.9% in April: Report