Tether Holdings reported a record Q1 net profit of $4.52 billion for 2024.

An independent audit by BDO attributed profits to operating gains, Treasury holdings, and gains on Bitcoin and gold.

The company disclosed a net equity of $11.37 billion as of March 31, 2024.

CEO Paolo Ardoino emphasized Tether's commitment to transparency and responsible risk management.

Tether has made strategic investments over $5 billion, aiming to increase trust in the cryptocurrency industry.

USDT tokens are 90% backed by cash and cash equivalents, with over $12.5 billion issued in Q1.

Tether's market share on centralized exchanges has fallen to 69%, amid growing competition.

The company is diversifying into data, blockchain financial infrastructure, and mining and energy sectors.