Ramazan Eles 
Tether has announced that it made a net profit of over $4.5 billion in the first quarter of 2024. This is a record profit figure for the stablecoin issuer.
Tether also shared the details of its reserves as of March 31, 2024. According to the statement, Tether holds $5.37 billion worth of Bitcoin. This represents 95% of Tether’s reserves.
Tether’s record profit can be seen as an indicator of the overall optimism in the cryptocurrency market. The prices of Bitcoin and other cryptocurrencies have increased significantly in recent months.
However, the composition of Tether’s reserves raises some concerns. Bitcoin makes up the vast majority of Tether’s reserves. This means that Tether is highly vulnerable to fluctuations in the Bitcoin price.
Tether, however, argues that its reserves are regularly audited and backed by US dollars and other fiat currencies.
Tether’s net profit announcement and the details of its reserves are a significant development for the cryptocurrency market. This information can help investors better understand Tether’s financial health and stability.