Tether Sets New Record: Highest Net Profit in a Single Quarter

Crypto News– Tether, the leading stablecoin issuer, has reported a groundbreaking quarterly net profit as the company continues to expand its offerings.

Tether Sets New Record: Highest Net Profit in a Single Quarter

According to a Wednesday attestation report by auditing firm BDO, Tether has recorded an unprecedented net profit of $4.52 billion in the first quarter.

Tether attributes its robust net operating profits of $1 billion during the first quarter to its US Treasury holdings. Additionally, profits were bolstered by mark-to-market gains from its bitcoin and gold positions.

During mid-March, Bitcoin surged to a new peak of approximately $73,000 before experiencing a decline throughout April.

The staggering $4.52 billion net profit surpasses the previous record of $2.85 billion achieved in the final quarter of 2023.

Tether’s USDT token is designed to retain a value of $1 and is redeemable for US dollars on demand.

As of March 31st, Tether’s reserves exceeded the liabilities of the entities issuing USDT by nearly $6.3 billion.

At 10 am ET, USDT boasted a market capitalization of approximately $110 billion, trailing only Bitcoin and Ether in the cryptocurrency space. This valuation dwarfs the $33 billion market cap of rival stablecoin USDC.

These developments emerge as Tether endeavors to expand its business beyond the realm of stablecoins.