Tether Holdings Limited Records Record Profit in Q4 2023
Tether Holdings Limited, the stablecoin issuer, reported a net profit of $2.85 billion in the fourth quarter of 2023, setting a new record. This achievement was largely due to the appreciation of gold and bitcoin reserves, which accounted for a significant portion of the profit. In total, Tether’s net profit for the year 2023 reached $6.2 billion, with $4 billion coming from U.S. treasuries holdings and the remainder from other asset classes.
Excess Reserves Reach All-Time High
Tether Holdings Limited experienced a remarkable increase in excess reserves, which rose by $2.2 billion to reach $5.4 billion. As a result, the secured loans of $4.8 billion, collateralized by highly liquid assets, are fully backed by these excess reserves.
Tether CEO Highlights Financial Strength and Commitment
Paolo Ardoino, the CEO of Tether, emphasized the company’s commitment to transparency, stability, and responsible financial management. The CEO highlighted the attestation by BDO, showcasing Tether’s dedication to liquidity and stability. Ardoino also mentioned Tether’s investments in sustainable energy, bitcoin mining, AI, and peer-to-peer technology as evidence of their commitment to an inclusive financial future.
Hot Take: Tether Records Impressive Profits in 2023
Tether Holdings Limited, the stablecoin issuer, achieved impressive financial results in 2023. With a record-breaking net profit of $2.85 billion in the last quarter and a total net profit of $6.2 billion for the year, Tether has demonstrated its financial strength. The increase in excess reserves further solidifies the company’s position. Tether’s investments in various sectors also highlight its commitment to innovation and sustainability in the crypto industry.
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