News - Tether achieves record quarterly profit of US$4.52 billion

By Luc Vesters

Tether achieves record quarterly profit of US$4.52 billion

Tether (ERC-20) (USDT)

Stablecoin issuer Tether Holdings posted a record net profit of USD 4.52 billion in the first quarter of 2024. The company announced the positive result on May 1 in a new financial report.

Tether issues the largest stablecoin by market capitalization. USDT is currently valued at USD 110 billion, more than three times the size of its main challenger among stablecoins, Circle's USDC.

According to Tether, one billion US dollars of this comes from direct corporate profits, mainly from US Treasury holdings. The remaining US$3.52 billion comes from price gains on Bitcoin and gold positions.

Tether also stated that it issued more than USDT 12.5 billion in the first quarter alone. The company emphasized that its tokens are 90 percent backed by cash and cash equivalents.

There have been repeated accusations against Tether in the past, especially regarding its capital reserves and criminal transactions.

In addition to stablecoin investments, Tether also has strategic investments totaling more than US$5 billion. These include areas such as renewable energy, artificial intelligence and mining Bitcoin.

"Tether has demonstrated its unwavering commitment to transparency, stability, liquidity and responsible risk management," Ardoino responded to the fact that the figures were confirmed by independent accounting firm BDO.

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