Home NewsStablecoins Tether Triumphs with Record Profits and Strategic Investments in Q4 2023

Tether Triumphs with Record Profits and Strategic Investments in Q4 2023

by dave
1 minutes read

In an impressive display of financial acumen, Tether, the renowned stablecoin issuer, has unveiled its Q4 2023 attestation report, revealing a record-breaking net profit of $2.9 billion. Thanks to the meticulous audit by BDO, the report highlights a significant leap in excess reserves, now at a whopping $5.4 billion.

Driving this quarter’s remarkable $1 billion net operating profit were astute investments in U.S. Treasuries, alongside the appreciation of Tether‘s bitcoin and gold reserves. Over the year, Tether has amassed a total net profit of $6.2 billion, further enriching its cryptocurrency portfolio with an additional 8,888 bitcoins, bringing its BTC holdings to approximately 66,465, valued at about $2.8 billion.

The surge in profit has bolstered Tether‘s excess reserves by $2.2 billion, earmarked for exciting ventures in mining, AI infrastructure, and P2P communications. It’s noteworthy that BDO’s attestation reaffirmed the full coverage of Tether‘s $4.8 billion unsecured loans by these substantial excess reserves.

As the year wrapped up, Tether‘s consolidated reserves soared beyond $97 billion, including significant holdings in U.S. Treasuries and gold. This financial prowess has positioned Tether as a leader in the crypto space, processing over $18.2 trillion in transactions in 2022 alone, outpacing giants like VISA and Mastercard.

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