Tether’s Q1 2024 Report Shows Historic $4.52 Billion Profits
Tether, a leading cryptocurrency firm, has released its Q1 2024 financial attestation, revealing a remarkable $4.52 billion profit and a net equity of $11.37 billion as of March 31, 2024.
The company issued over $12.5 billion USDT during this period, further solidifying its position in the market. Notably, Tether’s attestation showcases its direct and indirect exposure of over $90 billion to U.S. treasury bills, ensuring the robust backing of its USDT stablecoin. This high liquidity allows for swift token redemption. Additionally, Tether has diversified its investment portfolio with over $5 billion in expansion initiatives, including investments in AI, clean energy, and bitcoin mining.
The company also disclosed a $200 million investment in Blackrock Neurotech, showcasing its commitment to innovative ventures. CEO Paolo Ardoino emphasized the importance of transparency and trust, setting a new standard in the cryptocurrency industry.
Clever Robot News Desk 4th May 2024
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