Tether reported a record net profit of $4.52 billion in the first quarter of 2024. This profit came from issuing stablecoins and managing reserves, with $1 billion from US Treasury holdings and the rest from gains on Bitcoin and Gold positions. The company’s net equity reached $11.37 billion, and excess reserves grew by $1 billion to $6.3 billion. Notably, 90% of Tether-issued tokens are backed by cash and cash equivalents.

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