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- Stablecoin giant Tether has reported a net profit of $4.52 billion for Q1 2024, with a significant portion of the profit coming from its long-standing businesses.
- The company has recently expanded its operations, introducing new divisions such as Tether Edu, Tether Power, and Tether Data.
- Tether’s CEO, Paolo Ardoino, has praised the company’s financial strength and stability, as demonstrated by this latest profit report.
Tether, the world’s largest stablecoin issuer, has reported a record-breaking net profit of $4.52 billion in Q1 2024, demonstrating the company’s financial strength and stability.
Expansion Beyond Stablecoins
Earlier this week, Tether revealed that it had made more than $4.52 billion in net profit in the first quarter of 2024. The company has recently expanded its operations, introducing new divisions such as Tether Edu, Tether Power, and Tether Data. These divisions handle digital skills education, sustainable Bitcoin mining operations, and strategic investments in emerging technologies, respectively.
Record-Breaking Profits
Despite the recent expansion, a substantial portion of the profits came from Tether’s long-standing businesses and not the newly formed divisions. Tether Finance, which has been in existence, will continue spearheading the company’s stablecoin products and financial services. The company revealed that the $1 billion this division made last quarter came from net operating profits derived mainly from its U.S. Treasury holdings. During the quarter, Tether increased its direct and indirect ownership of U.S. Treasuries via investments through money market funds and overnight reverse-repurchase agreements.
Unwavering Commitment to Transparency
“With the first attestation of 2024, Tether has demonstrated its unwavering commitment to transparency, stability, liquidity, and responsible risk management. As shown in this latest report, Tether continues to shatter records with a new profit benchmark of $4.52 billion, reflecting the company’s sheer financial strength and stability,” Tether CEO Paolo Ardoino said.
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Strategic Investments and Stablecoin Offerings
For the other divisions, encompassing renewable energy, artificial intelligence, peer-to-peer communications, and Bitcoin mining, Tether made strategic investments totaling $5 billion in Q1 2024. Meanwhile, Tether claims its stablecoin offerings saw a $1 billion increase in excess reserves, bringing the total to approximately $6.3 billion. Tether-issued stablecoins are now backed by cash and cash equivalents at 90%. The company also issued an additional $12.5 billion USDT last quarter.
Conclusion
Tether’s record-breaking profit report for Q1 2024 demonstrates the company’s financial strength and stability. With its recent expansion and strategic investments, Tether continues to solidify its position as a leading player in the stablecoin market.
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