Tether's Q1 2024 Profit Tops $4.52 Billion: Bitcoin and Gold Emerging as Primary Contributors

<h2>CEO Paolo Ardoino Prioritizes Transparency Amid Crypto Market Shifts</h2>
On May 1, 2024, Tether Holdings Limited (BVI) proudly announced its extraordinary performance in the first quarter of 2024, verified by BDO, a prominent global accounting firm. The report not only highlights a record-breaking net profit of $4.52 billion, but also underscores Tether's commitment to transparency and financial stability. 
<figure><img src="https://blog-cms.maskex.com/assets/img/posts/Tether_s_Q1_2024_Profit_Tops_4.52_Billion-1.png" data-image="5878"><figcaption>Tether's financial holdings in the first quarter of 2024. Source: Tether</figcaption></figure>
A significant portion of this profit is attributed to astute investments in Bitcoin and Gold, coupled with operational earnings from US Treasury holdings. Furthermore, Tether's strategic investments, exceeding $5 billion, across various sectors like AI, Renewable Energy, and BTC Mining, highlight its commitment to diversified growth strategies. 
<blockquote>CEO Paolo Ardoino emphasizes the company's unwavering commitment to transparency and responsible risk management. "In achieving a new profit benchmark and unveiling our net equity of $11.37 billion, Tether sets a higher standard for transparency and trust in the cryptocurrency industry," Ardoino stated.</blockquote>
<h2>Tether's U.S. Treasury Holdings and Cash Equivalents</h2>
<figure><img src="https://blog-cms.maskex.com/assets/img/posts/Tether_s_Q1_2024_Profit_Tops_4.52_Billion-2.png" data-image="5879"><figcaption>Source: Tether</figcaption></figure>
 In Q1 2024, Tether significantly grew its U.S. Treasury ownership, exceeding $90 billion, through direct and indirect methods such as through overnight reverse-repurchase agreements and investments via money market funds. Additionally, Tether disclosed its net equity for the first time, rising impressively to $11.37 billion by March 31, 2024, up from $7.01 billion in December 2023. The report also notes a $1 billion rise in excess reserves, totaling nearly $6.3 billion, to support stablecoin offerings. BDO confirmed Tether tokens are backed by Cash and Cash Equivalents at 90%, highlighting liquidity. In Q1 alone, Tether issued over $12.5 billion in USDT. 
<figure><a href="https://maskex.com"><img src="https://blog-cms.maskex.com/assets/img/posts/Header_banner_for_email_Marketing-1200x220.png" data-image="5869"></a></figure>

<h2>Conclusion</h2>
Tether's Q1 2024 triumph, driven by strategic investments in Bitcoin, Gold, AI, Renewable Energy, and BTC Mining, reflects its commitment to diversified growth strategies. CEO Paolo Ardoino's unwavering focus on transparency amidst market shifts cements Tether's leadership in crypto space, establishing new benchmarks for stability and trust. 
Disclaimer:The information provided is for informational purposes only and should not be considered as trading advice. MaskEX.com bears no responsibility for any investments made based on the information provided on this page. We highly advise conducting independent research and/or seeking guidance from a qualified professional before making any investment decisions.

MaskEX Academy Team

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