Tether Holdings Reports Record-Setting $4.52B Profit in Q1 2024, Discloses Net Equity for the First Time

• Tether Holdings, the issuer of the leading stablecoin by market capitalization, Tether (USDT), has announced a record-breaking net profit of $4.52B in the first quarter (Q1) of 2024.

Tether Holdings Reports Record-Setting $4.52B Profit in Q1 2024, Discloses Net Equity for the First Time

Tether Holdings, the issuer of the leading stablecoin by market capitalization, Tether (USDT), has announced a record-breaking net profit of $4.52 billion in the first quarter of 2024. 

In addition, Tether disclosed its net equity for the first time, revealing a substantial increase from $7.01 billion at the end of December 2023 to $11.37 billion as of March 31. 

Tether’s attestation report for Q1 2024 attributed approximately $1 billion of operating profits to its holdings in the United States Treasury, while the remaining $3.52 billion came from market-to-market gains in Bitcoin and gold positions.

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Tether’s USDT is recognized as the largest stablecoin globally, with a market value exceeding $110 billion, according to CoinMarketCap. In the first quarter of 2024 alone, the company issued $12.5 billion worth of USDT.

The report also highlighted a $1 billion increase in excess reserves, which serve as a buffer to support Tether’s stablecoin offerings. The company’s excess reserves now stand just below $6.3 billion. 

Regarding liabilities, Tether’s report revealed over $104 billion tied to “digital tokens issued.” However, the value of the company’s reserve assets exceeded its liabilities by more than $6.2 billion as of March 31.

Tether remains a prominent holder of Bitcoin, with its “bc1q” wallet currently holding 75,354 BTC, worth over $4.38 billion. This makes Tether the seventh-largest Bitcoin holder. 

Notably, on March 31, Tether acquired 8,888 Bitcoin valued at $626 million from Bitfinex. Despite Bitcoin experiencing a drop below the $60,000 mark, Tether has accumulated an unrealized profit of over 91%, surpassing $2 billion.

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