Stablecoin issuer Tether has released its attestation report for the first quarter of 2024. The report provides a comprehensive overview of the Tether Group’s financial strengths.
Key highlights from the report:
- In the first quarter of 2024, there was a record net profit of $4.52 billion.
- Direct and indirect ownership of U.S. Treasuries exceeds $90 billion.
- Net equity reaches $11.37 billion, up from $7.01 billion in Q4 2023.
- Excess reserves increased by $1 billion, totaling nearly $6.3 billion.
- 90% of Tether tokens are backed by cash or cash equivalents.
The Tether Group reached a notable milestone in the first quarter of 2024, with a record net profit of $4.52 billion. Around $1 billion of these earnings came from net operational profits, which were mostly earned from US Treasury assets. However, the remainder was comprised of mark-to-market gains in Bitcoin and Gold positions.
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Tether discloses net equity for the first time
Tether Group disclosed its net equity for the first time, revealing $11.37 billion as of March 31, 2024. It is up from $7.01 billion on December 31, 2023. The report also highlights a $1 billion increase in excess reserves, pushing the total to nearly $6.3 billion.
BDO confirmed that cash and cash equivalents back 90% of Tether-issued tokens. In Q1 2024 alone, over $12.5 billion in USDT was issued.
The Reserves Report section of the new report reiterates Tether’s strong financial position, with the value of assets composing the Reserves exceeding the value of liabilities by $6,261,866,717 as of March 31, 2024.
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The stablecoin issuer’s strategic investments, totaling over $5 billion, span various sectors such as AI and data, renewable energy, P2P communication, and BTC mining.
Paolo Ardoino, the CEO, commented on the company’s achievements, stating, “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.”
