Tether made a record profit of $4.52 billion in the first quarter of 2024. Of this amount, about $1 billion comes from income from US Treasury bonds. Tether's press service reports this.
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According to the published report, the valuation of the portfolio of these securities in the company's accounts is $90 billion. This includes investments through money market funds and repurchase agreements.
Net capital is $11.37 billion as of March 31, 2024. This is an increase of $4.36 billion compared to the value recorded in the fourth quarter of 2023.
In the first quarter of the year, Tether increased excess reserves by $1 billion. The total amount of this fund exceeds the company's liability by $6.3 billion .
The report indicates that the Tether-issued stablecoin USDT is 90% backed by cash and equivalents. The volume of supply of the asset increased by $12.5 billion in the first quarter.
The company noted in the report strategic investments in the amount of $5 billion. These are projects in areas such as AI, renewable energy sources, Bitcoin mining, P2P.
Recall
The “Ministry of Finance” wrote that Tether will freeze USDT addresses associated with sanctioned persons.