Tether discloses Q1 earnings
Of the $4.52 billion profit, Tether disclosed that $1 billion originated from net operating profits, derived primarily from U.S. Treasury holdings. The remaining $3.52 billion comprises mark-to-market gains in Bitcoin (BTC) and gold positions. Tether highlights that its direct and indirect ownership of the U.S. Treasuries is currently above $90 billion.
Tether’s crypto adventures
Tether’s outstanding Q1, 2024, performance does not come as a surprise as the company has been making efforts to show commitment to the crypto ecosystem.
The company recently minted one billion USDT on the Ethereum network, ahead of the Bitcoin halving event, which occurred in late April.
In another bold move, Tether CEO Paolo Ardoino also announced the release of USDT on Toncoin’s (TON) rails. As U.Today earlier reported, USDT on TON will be launched with an initial capitalization of $10,000,000.
