Stablecoin giant Tether has once again proven its financial prowess, revealing a historic net profit of $4.52 billion for the first quarter of 2024. The newly released attestation report showcases Tether's robust financial position and strategic investments across diverse sectors.
Key Highlights:
Record-breaking Profit: Tether achieves an unprecedented net profit of $4.52 billion, marking a significant milestone in its financial journey.
Solid Financial Foundation: Direct and indirect ownership of U.S. Treasuries surpasses $90 billion, with net equity soaring to $11.37 billion, up from $7.01 billion in Q4 2023.
Increased Reserves: Excess reserves climb by $1 billion, totaling nearly $6.3 billion, reinforcing Tether's commitment to stability and liquidity.
Strong Asset Backing: BDO confirms that 90% of Tether tokens are backed by cash or cash equivalents, underscoring the stability of the stablecoin.
Strategic Investments: Tether's strategic investments, exceeding $5 billion, span key sectors including AI, renewable energy, P2P communication, and BTC mining. Tether's remarkable performance in Q1 2024 not only underscores its unwavering commitment to transparency and responsible risk management but also solidifies its position as a leader in the stablecoin market. With a record-breaking profit, substantial reserves, and strategic investments, Tether continues to set the benchmark for financial strength and stability in the cryptocurrency industry.
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