Tether Reports $2.85 Billion Profit in Q4 2023
Tether, the popular stablecoin issuer, has released its earning report for the fourth quarter of 2023. According to the report, Tether recorded a net profit of $2.85 billion, which is equivalent to 10% of JPMorgan’s earnings. The report also reveals that Tether’s total profit for the year was $6.2 billion.
Breakdown of Tether Earnings
Paolo Ardoino, CEO of Tether and CTO of Bitfinex, shared more details about the earnings report. Out of the $2.85 billion profit in Q4 2023, $1 billion came from net operating profit tied to US Treasury Bills’ interests, while approximately $1.85 billion was generated from gold and Bitcoin holdings.
In addition to the earnings, Tether also reported an increase in excess reserves backing its tokens in circulation.
Tether’s Advancements and Validity
Tether has been facing scrutiny regarding the validity of its reserves, but it has received validation from protocols that attest to its reserve. Howard Lutnick, Chairman and CEO of Cantor Fitzgerald, recently affirmed the validity of Tether’s reserves.
The company has been making significant progress in recent months. It recently minted an additional $1 billion worth of USDT tokens on the Tron blockchain for future requirements. Tether also has a multi-year mining strategy and plans to invest up to $500 million in Bitcoin mining by 2025.
Tether is also exploring the construction of crypto-mining sites and potential stakes in other companies.
Hot Take: Tether Continues to Thrive with Impressive Profits
Tether’s latest earnings report showcases its impressive profitability, with a net profit of $2.85 billion in Q4 2023. This significant profit not only solidifies Tether’s position as a leading stablecoin issuer but also highlights its potential for growth and expansion in the crypto industry. With validation from industry protocols and plans for further investments in mining and infrastructure, Tether is positioned to continue thriving in the coming years. Despite past controversies, Tether’s success demonstrates the demand for stablecoins and their role in the evolving cryptocurrency ecosystem.
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