...
  • bitcoinBitcoin (BTC) $ 69,190.00
  • ethereumEthereum (ETH) $ 3,814.22
  • bnbBNB (BNB) $ 602.03
  • solanaSolana (SOL) $ 164.35
  • xrpXRP (XRP) $ 0.536464
  • dogecoinDogecoin (DOGE) $ 0.170780
  • cardanoCardano (ADA) $ 0.461608
  • avalanche-2Avalanche (AVAX) $ 37.32
  • shiba-inuShiba Inu (SHIB) $ 0.000025
  • polkadotPolkadot (DOT) $ 7.45
  • chainlinkChainlink (LINK) $ 17.34
  • tronTRON (TRX) $ 0.113893
  • bitcoin-cashBitcoin Cash (BCH) $ 489.05
  • uniswapUniswap (UNI) $ 11.37
  • matic-networkPolygon (MATIC) $ 0.723834
  • litecoinLitecoin (LTC) $ 84.86
  • bitcoinBitcoin (BTC) $ 69,190.00
  • ethereumEthereum (ETH) $ 3,814.22
  • bnbBNB (BNB) $ 602.03
  • solanaSolana (SOL) $ 164.35
  • xrpXRP (XRP) $ 0.536464
  • dogecoinDogecoin (DOGE) $ 0.170780
  • cardanoCardano (ADA) $ 0.461608
  • avalanche-2Avalanche (AVAX) $ 37.32
  • shiba-inuShiba Inu (SHIB) $ 0.000025
  • polkadotPolkadot (DOT) $ 7.45
  • chainlinkChainlink (LINK) $ 17.34
  • tronTRON (TRX) $ 0.113893
  • bitcoin-cashBitcoin Cash (BCH) $ 489.05
  • uniswapUniswap (UNI) $ 11.37
  • matic-networkPolygon (MATIC) $ 0.723834
  • litecoinLitecoin (LTC) $ 84.86

USDT Tether Records Stellar Q4 Profits in 2023, Surpassing $2.8 Billion

USDT tether

Tether, the stablecoin operator, has reported an unprecedented surge in net profits, reaching $2.8 billion during the last quarter of 2023. This remarkable achievement is attributed to the appreciation in value linked to Tether’s Bitcoin (BTC) and gold reserves. A Q4 attestation reveals that the firm’s U.S. Treasury bills played a significant role, securing $1 billion in net operational profits and elevating excess reserves to an impressive $5.4 billion.

Notably, this marks a substantial increase of $2.2 billion from the preceding quarter. Tether strategically allocated part of these profits to fund various ventures, including BTC mining, artificial intelligence (AI) development, peer-to-peer (P2P) communications, and other project investments.

BDO, Tether’s chosen audit provider, has confirmed that the firm’s excess reserves entirely cover its outstanding unsecured loans, totaling $4.8 billion, which partially backs the USDT stablecoin. The audit further indicates that Tether accomplished a net profit of $6.2 billion for the entirety of the preceding year.

Beyond the remarkable financial performance, Tether continued to strengthen its position by acquiring more Bitcoin in the final quarter of 2023. The audit highlights the purchase of 8,888 BTC, valued at approximately $387 million, bringing Tether’s total Bitcoin portfolio to 66,465 coins, reaching a valuation of nearly $3 billion. This strategic move aligns with Tether’s commitment to diversify its assets amid the growing adoption of cryptocurrencies.

Tether’s foray into Bitcoin investments commenced in the first half of 2023, allocating up to 15% of its net realized operating profit to the cryptocurrency. The substantial increase in the value of its Bitcoin holdings can be attributed to the surging institutional interest from prominent Wall Street entities such as BlackRock and Fidelity.

Tether’s Q4 attestation not only highlights its stellar financial performance but also underscores its unwavering dedication to transparency, stability, and responsible financial management. As Tether continues to navigate the dynamic crypto landscape, its prudent strategies contribute to shaping the narrative of stablecoin operators in the evolving digital financial ecosystem.

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