• 18/06/2024 04:28

Tether made a record profit of $4.5 billion in the first quarter

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.

Tether received a record profit of $4.5 billion in the first quarter

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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.

minfin.com.ua

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