Tether’s Q1 Profit Reaches $4.5B

In the first quarter of 2024, Tether Holdings reported a record net profit of $4.52 billion, thanks to strong performance from its USDT stablecoin, according to the company’s attestation report.

The report also showed an increase in net equity, which was $11.37 billion as of March 31. The majority of the profit, $3.52 billion, came from market gains in the company’s Bitcoin and gold positions, with the remaining $1 billion coming from operating profits from US Treasury holdings.

Tether’s USDT is the largest stablecoin in the world, with a value of over $110 billion, and $12.5 billion was issued in the first quarter of 2024.

Additionally, the company also reported a $1 billion increase in excess reserves, which are held as a cushion for their stablecoin offerings, bringing the total to just under $6.3 billion.