Tether earned about $1 billion in net operating income from its U.S. Treasury assets, according to Tether's Q1 2024 attestation report released Wednesday.

These short-term Treasury bills make up the bulk of Tether's reserves, which support its $110 billion dollar-pegged stablecoin USDT.

More than 12 billion new USDT tokens were issued in the first quarter alone, reflecting the growing popularity of the stablecoin. However, much of Tether's record gains can be attributed to significant increases in the value of its Bitcoin and gold assets.

Compared to the previous quarter, Tether's Bitcoin holdings increased from $2.8 billion to $5.4 billion, and its gold position increased from $3.5 billion to $3.7 billion. This increase in market value contributed significantly to the company's overall financial success .

Tether CEO Paolo Ardoino took to social media to emphasize the company's commitment to transparency, openness and conservative risk management.

He noted that Tether has a large amount of excess reserves.

The company's excess reserves now stand at $6.3 billion, up nearly $1 billion from the previous quarter. These reserves serve as a buffer against potential drawdowns or risks associated with the composition of Tether's underlying reserves, and more than cover the $4.7 billion in collateralized loans on its balance sheet.

Despite its impressive financial results, Tether has yet to undergo a formal audit by one of the Big Four accounting firms.

Ardoino said this was due to perceived reputational risk associated with the company. However, he stated that Tether is working to develop relationships with these firms to ensure future audits.

Meanwhile, Tether's quarterly "attestation" reports, certified by BDO, provide insight into the company's financial position.

These reports have received support from prominent figures in the financial industry, such as Cantor Fitzgerald CEO Howard Lutnick, who supported Tether's statements regarding its bond portfolio.

As Tether continues to expand its business beyond stablecoins, launching new initiatives in data, blockchain-based financial infrastructure, and the mining and energy sectors, its record earnings in the first quarter of 2024 demonstrate the company's strong financial position and ability to navigate. constantly evolving cryptocurrency environment.