As stated by Tether CEO Paolo Ardoino, “Tether’s Q4 attestation underscores our commitment to transparency, stability, and responsible financial management. The substantial net profits generated not only in the last quarter of the year but throughout the year, amounting to $6.2 billion, showcases our financial strength.”
Stablecoin issuer Tether (USDT) revealed a record-breaking net profit of $2.85B in its attestation report for the fourth quarter of 2023.
According to Tether, interests from US treasuries contributed to $1B of the quarterly profit. Meanwhile, the remaining $1.85B can be attributed to the uptrend in the prices of Tether’s Gold reserves and Bitcoin assets.
The issuer of USDT also reported an overall profit of $6.2B for 2023, with US treasuries, money market funds, and other traditional financial instruments accounting for $4B. As of writing, tether’s total exposure to these instruments stands at $80.3B.
However, it is worth noting that Tether has yet to fulfill an earlier promise of reducing secured loans to zero. Tether currently has $4.8B in secured loans, though the firm noted that its $5.4B excess reserves fully cover the outstanding loans.
Written by
Ayush Pande
Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.
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