Bittime - Tether Holdings, the issuer of the USDT stablecoin, has recorded a monumental achievement. With a fantastic net profit of $4.52 billion (around Rp73.12 trillion) in the first quarter of 2024, Tether not only broke its personal record but also set a new record in the stablecoin industry.
The Positive Impact of Bitcoin and Gold Rise
The financial report released showed that this profit was driven by the increase in the value of Bitcoin and gold, which contributed around $3.52 billion (around Rp57.02 trillion), as well as an additional $1 billion (around Rp16.20 trillion) of operating profit. This is a significant increase compared to the company's net equity recorded at the end of December 2023, which amounted to $7.01 billion (around IDR 113.61 trillion).
Paolo Ardoino, CEO of Tether, proudly emphasized the company's commitment to transparency and responsible risk management. "With this first quarter 2024 financial report, Tether has demonstrated its unwavering dedication to transparency, stability, liquidity, and responsible risk management," Ardoino said.
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Tether Raises US Treasuries
The report also revealed that Tether has managed to increase its holdings of US Treasuries which now exceed $90 billion (around Rp1,457.50 trillion), an unprecedented achievement. In addition, Tether has also invested more than $5 billion (around Rp81.00 trillion) in various sectors, including artificial intelligence (AI), renewable energy, and Bitcoin (BTC) mining.
Despite concerns over the lack of formal audits, Tether's quarterly financial statements provide a clear picture of the company's balance sheet, which has been verified by BDO, one of the world's largest accounting networks.
Allocation of Funds for Bitcoin
Tether's decision to allocate a portion of its operating profit into Bitcoin proved wise. On-chain data shows that Tether owns 75,300 BTC, which is worth more than $4.38 billion (approximately Rp70.95 trillion). This move to diversify its portfolio has contributed to Tether's continued success amid market volatility.
Despite Bitcoin's price fluctuations, Tether remains confident in its strong financial position. The company's excess reserves reached $6.3 billion (around Rp102.03 trillion), providing a strong cushion against potential risks.
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USDT Still Leads Stablecoin Competition
In the stablecoin market competition, Tether USDT still leads with a market capitalization exceeding $100 billion (approximately Rp1,620.00 trillion), although Circle's USDC recently surpassed Tether's USDT in transaction volume. However, analysts believe that USDC's rise is more due to its dominant use in the US for transactions, whereas USDT is more widely used as a dollar-based store of value held outside the US.
Tether has also expanded its scope to the healthcare sector with a $200 million investment in Blackrock Neurotech, a biotechnology company focused on brain-computer interface (BCI) technology. This investment marks Tether's first step in entering the healthcare industry.
According to CoinStats, Tether has an unrealized profit of over 91% and is worth more than $2 billion, although Bitcoin recently dropped below the $60,000 level. This shows that Tether is not only focused on short-term growth but also has a long-term vision in strengthening its position in the global market.
Conclusion
With this remarkable achievement, Tether has proven itself as a major player that prioritizes not only profitability but also social responsibility and innovation. We are all looking forward to Tether's next step in carving out new history in the crypto world.
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How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, then you can make a crypto asset purchase in the application.
Learn the Complete Guide on How to Buy Crypto on Bittime.
Monitor the price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
What is USDT? The Stablecoin That Dominates Despite Controversy
USDT, USDC &; BUSD Difference: A Comprehensive Guide
Shibarium Hard Fork and Its Impact on Shiba Inu (SHIB) Price
DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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