According to CryptoPotato, Tether, the largest stablecoin issuing company, reported a net profit of over $4.52 billion in the first quarter of 2024. The company's long-standing businesses, rather than its newly formed divisions, contributed significantly to these profits. Tether's attestation report disclosed that approximately $1 billion of the Q1 2024 profit came from entities responsible for issuing stablecoins and managing related reserves. In mid-April, Tether expanded its framework beyond stablecoins, introducing new divisions such as Tether Edu, Tether Power, and Tether Data. These divisions are tasked with digital skills education, sustainable Bitcoin mining operations, and strategic investments in emerging technologies, respectively. Tether Finance, an existing division, continues to lead the company's stablecoin products and financial services. The $1 billion profit this division made last quarter was primarily derived from its U.S. Treasury holdings. During the quarter, Tether increased its direct and indirect ownership of U.S. Treasuries through investments in money market funds and overnight reverse-repurchase agreements. The remaining profits for Q1 2024 came from mark-to-market gains in the company's Bitcoin and Gold positions. The company's U.S. Treasury holdings now exceed $90 billion. Tether CEO Paolo Ardoino stated that the company's record-breaking profit of $4.52 billion reflects its financial strength and stability. He also highlighted Tether's commitment to transparency, stability, liquidity, and responsible risk management. In Q1 2024, Tether made strategic investments totaling $5 billion in other divisions, including renewable energy, artificial intelligence, peer-to-peer communications, and Bitcoin mining. The company also revealed its net equity for the first time, which saw a significant increase from $7.01 billion at the end of Q4 2023 to $11.37 billion as of March 31, 2024. Tether's stablecoin offerings saw a $1 billion increase in excess reserves, bringing the total to approximately $6.3 billion. The company's stablecoins are now 90% backed by cash and cash equivalents. Additionally, Tether issued an extra $12.5 billion USDT in the last quarter.