Tether Achieves Record $4.52B Q1 Profit, Highest US Treasury Ownership

May 1, 2024, 01:04 PM

Tether Holdings Limited reported a record net profit of $4.52 billion for the first quarter of 2024, driven primarily by its investments in US Treasury bills, achieving the highest Treasury Bill ownership percentage ever, and gains from Bitcoin and gold positions. The company, known for issuing the largest stablecoin, USDT, saw significant earnings from these assets, with about $1 billion in net operating profits attributed to US Treasury holdings. The remainder of the profit came from mark-to-market gains in Bitcoin, valued at approximately $5 billion, and gold. Tether's total group equity now stands at $11.37 billion, marking a substantial increase in its financial standing.