Earlier this week, the largest stablecoin issuing company, Tether, revealed that it made more than $4.52 billion in net profit in the first quarter of 2024. With the firm having expanded its operations recently, a substantial portion of the profits came from its long-standing businesses and not the newly formed divisions.in an attestation report that roughly $1 billion of the profit in Q1 2024 came from entities in charge of issuing stablecoins and managing related reserves.
Tether Finance, which has been in existence, will continue spearheading the company’s stablecoin products and financial services. Tether revealed that the $1 billion this division made last quarter came from net operating profits derived mainly from its U.S. Treasury holdings. During the quarter, Tether increased its direct and indirect ownership of U.S. Treasuries via investments through money market funds and overnight reverse-repurchase agreements.
Meanwhile, Tether claims its stablecoin offerings saw a $1 billion increase in excess reserves, bringing the total to approximately $6.3 billion. Tether-issued stablecoins are now backed by cash and cash equivalents at 90%.
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