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MILESTONE | Tether Reports Record-Breaking $4.52 Billion Profit in Q1 2024
Tether Holdings Limited (BVI) released its assurance opinion for the first quarter of 2024, conducted by BDO, a leading global independent accounting firm.
The most recent attestation as of March 31 2024 discloses additional financial information of Tether Group which is no longer limited to the reserves backing Tether Fiat-denominated stablecoins. The new report provides an overview of the entire Group’s financial strengths complementing the information provided in the former Reserve report which has become a section of this new enlarged and more transparent report.
Building on the momentum from Q4 2023, the first quarter of 2024 marked a significant milestone for the group with a record net profit of $4.52 billion.
Indirect exposure was calculated to include overnight reverse-repurchase agreements collateralized by U.S. Treasuries, as well as investments in US Treasuries through money market funds.
Furthermore, as part of its steadfast dedication to transparency, the Group unveiled its net equity for the first time, revealing an impressive $11.37 billion as of March 31 2024. This reflects a notable uptick from the recorded equity of $7.01 billion on December 31 2023. The report highlights a $1 billion increase in excess reserves maintained as a buffer to support the Company’s stablecoin offerings, pushing the total to nearly $6.3 billion.
In regard to the Reserves backing fiat-denominated stablecoins, BDO further confirmed that Tether-issued tokens are backed by Cash and Cash Equivalents at an impressive 90%, underscoring its commitment to upholding liquidity within the stablecoin ecosystem. Additionally, in the first quarter alone, over $12.5 billion in USDt was issued.
The Reserves Report (RR) section of the new report reiterates Tether’s strong financial position.

The Management of the Company asserts the following as of 31 March 2024:
The chart below shows the continued growth of U.S. Treasuries and Cash and Cash Equivalents as a percentage of total outstanding Tether Tokens.

Tether Group’s strategic investments, totaling over $5 billion as of the report date, encompass various sectors such as:
These investments, while not detailed in the new report supporting the Fiat-denominated issued tokens, underscore Tether’s unwavering dedication to its mission.
“With the first attestation of 2024, Tether has demonstrated its unwavering commitment to transparency, stability, liquidity, and responsible risk management. As shown in this latest report, Tether continues to shatter records with a new profit benchmark of $4.52 billion, reflecting the company’s sheer financial strength and stability.
In reporting not just the composition of our reserves, but now the Group’s net equity of $11.37 billion, Tether is again raising the bar in the cryptocurrency industry in the realms of transparency and trust,” said Paolo Ardoino, CEO of Tether.
For further details, please refer to the latest assurance opinion and the Consolidated Reserves Report here.