Tether Records a Profit of $6.2 Billion in 2023Tether Records a Profit of $6.2 Billion in 2023Tether
Tether Records a Profit of $6.2 Billion in 2023
By AZC News | Feb 01 2024
On January 31, 2024, the stablecoin issuer Tether (USDT) released its financial report for the fourth quarter of 2023 and the entire year, revealing remarkable figures. Specifically, in the last quarter of 2023, Tether reported a profit of $2.85 billion, the highest figure to date. Of this amount, $1 billion came from holding US Treasury bonds, while the remaining $1.85 billion was profit from investments in Bitcoin and gold.
This latest profit figure brought Tether's total earnings for the entire year 2023 to $6.2 billion.
Tether announced its commitment to allocate $2.2 billion of the fourth-quarter profit to bolster the surplus asset reserve to secure the USDT, increasing the fund's value to $5.4 billion. The remaining $640 million would be utilized for investment activities and the development of business areas such as AI, cryptocurrency mining, P2P transaction infrastructure, and more.
As of December 31, 2023, Tether reported holding $97 billion in assets to collateralize the $91.5 billion USDT issued into the market. The majority of these assets consisted of US Treasury bonds, totaling $80.3 billion (both directly and indirectly), along with various other cash-equivalent assets. Additionally, the company owned $3.5 billion in gold, $2.8 billion in Bitcoin, $3.7 billion in other investments, and $4.8 billion in external lending assets.
Tether stated that 90% of the circulating USDT in the cryptocurrency market is backed by assets equivalent to cash, ensuring liquidity when needed.
CEO Paolo Ardoino remarked:
The Q4/2023 asset verification report from Tether continues to demonstrate our commitment to transparency, stability, and responsible financial management. Achieving the highest cash-backed debt ratio to date reflects our emphasis on liquidity stability. The net profit of $6.2 billion for the past year demonstrates the financial strength of Tether. Furthermore, investments in sustainable energy, Bitcoin mining, AI infrastructure, and P2P technology underscore Tether's determination for a robust financial industry serving everyone.
Related: Tether (USDT) is Currently "Dominating" the Stablecoin Supply.
The Ranking of USDT on Coinmarketcap
Currently, on Coinmarketcap, Tether's USDT continues to maintain its dominant position, significantly surpassing other stableco
The Ranking of Stablecoins on Coinmarketcap as of January 2, 2024
Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own reTether Records a Profit of $6.2 Billion in 2023
By AZC News | Feb 01 2024
The latest financial report from Tether indicates it is one of the most profitable companies in the cryptocurrency industry in 2023.Tether Records a Profit of $6.2 Billion in 2023
On January 31, 2024, the stablecoin issuer Tether (USDT) released its financial report for the fourth quarter of 2023 and the entire year, revealing remarkable figures. Specifically, in the last quarter of 2023, Tether reported a profit of $2.85 billion, the highest figure to date. Of this amount, $1 billion came from holding US Treasury bonds, while the remaining $1.85 billion was profit from investments in Bitcoin and gold.
This latest profit figure brought Tether's total earnings for the entire year 2023 to $6.2 billion.
Tether announced its commitment to allocate $2.2 billion of the fourth-quarter profit to bolster the surplus asset reserve to secure the USDT, increasing the fund's value to $5.4 billion. The remaining $640 million would be utilized for investment activities and the development of business areas such as AI, cryptocurrency mining, P2P transaction infrastructure, and more.
As of December 31, 2023, Tether reported holding $97 billion in assets to collateralize the $91.5 billion USDT issued into the market. The majority of these assets consisted of US Treasury bonds, totaling $80.3 billion (both directly and indirectly), along with various other cash-equivalent assets. Additionally, the company owned $3.5 billion in gold, $2.8 billion in Bitcoin, $3.7 billion in other investments, and $4.8 billion in external lending assets.
Tether stated that 90% of the circulating USDT in the cryptocurrency market is backed by assets equivalent to cash, ensuring liquidity when needed.
CEO Paolo Ardoino remarked:
The Q4/2023 asset verification report from Tether continues to demonstrate our commitment to transparency, stability, and responsible financial management. Achieving the highest cash-backed debt ratio to date reflects our emphasis on liquidity stability. The net profit of $6.2 billion for the past year demonstrates the financial strength of Tether. Furthermore, investments in sustainable energy, Bitcoin mining, AI infrastructure, and P2P technology underscore Tether's determination for a robust financial industry serving everyone.
Related: Tether (USDT) is Currently "Dominating" the Stablecoin Supply.
The Ranking of USDT on Coinmarketcap
Currently, on Coinmarketcap, Tether's USDT continues to maintain its dominant position, significantly surpassing other stablecoins.
The Ranking of Stablecoins on Coinmarketcap as of January 2, 2024
Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own reTether Records a Profit of $6.2 Billion in 2023
By AZC News | Feb 01 2024
The latest financial report from Tether indicates it is one of the most profitable companies in the cryptocurrency industry in 2023.Tether Records a Profit of $6.2 Billion in 2023
On January 31, 2024, the stablecoin issuer Tether (USDT) released its financial report for the fourth quarter of 2023 and the entire year, revealing remarkable figures. Specifically, in the last quarter of 2023, Tether reported a profit of $2.85 billion, the highest figure to date. Of this amount, $1 billion came from holding US Treasury bonds, while the remaining $1.85 billion was profit from investments in Bitcoin and gold.
This latest profit figure brought Tether's total earnings for the entire year 2023 to $6.2 billion.
Tether announced its commitment to allocate $2.2 billion of the fourth-quarter profit to bolster the surplus asset reserve to secure the USDT, increasing the fund's value to $5.4 billion. The remaining $640 million would be utilized for investment activities and the development of business areas such as AI, cryptocurrency mining, P2P transaction infrastructure, and more.
As of December 31, 2023, Tether reported holding $97 billion in assets to collateralize the $91.5 billion USDT issued into the market. The majority of these assets consisted of US Treasury bonds, totaling $80.3 billion (both directly and indirectly), along with various other cash-equivalent assets. Additionally, the company owned $3.5 billion in gold, $2.8 billion in Bitcoin, $3.7 billion in other investments, and $4.8 billion in external lending assets.
Tether stated that 90% of the circulating USDT in the cryptocurrency market is backed by assets equivalent to cash, ensuring liquidity when needed.
CEO Paolo Ardoino remarked:
The Q4/2023 asset verification report from Tether continues to demonstrate our commitment to transparency, stability, and responsible financial management. Achieving the highest cash-backed debt ratio to date reflects our emphasis on liquidity stability. The net profit of $6.2 billion for the past year demonstrates the financial strength of Tether. Furthermore, investments in sustainable energy, Bitcoin mining, AI infrastructure, and P2P technology underscore Tether's determination for a robust financial industry serving everyone.
Related: Tether (USDT) is Currently "Dominating" the Stablecoin Supply.
The Ranking of USDT on Coinmarketcap
Currently, on Coinmarketcap, Tether's USDT continues to maintain its dominant position, significantly surpassing other stablecoins.
The Ranking of Stablecoins on Coinmarketcap as of January 2, 2024
Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own reTether Records a Profit of $6.2 Billion in 2023
By AZC News | Feb 01 2024
The latest financial report from Tether indicates it is one of the most profitable companies in the cryptocurrency industry in 2023.Tether Records a Profit of $6.2 Billion in 2023
On January 31, 2024, the stablecoin issuer Tether (USDT) released its financial report for the fourth quarter of 2023 and the entire year, revealing remarkable figures. Specifically, in the last quarter of 2023, Tether reported a profit of $2.85 billion, the highest figure to date. Of this amount, $1 billion came from holding US Treasury bonds, while the remaining $1.85 billion was profit from investments in Bitcoin and gold.
This latest profit figure brought Tether's total earnings for the entire year 2023 to $6.2 billion.
Tether announced its commitment to allocate $2.2 billion of the fourth-quarter profit to bolster the surplus asset reserve to secure the USDT, increasing the fund's value to $5.4 billion. The remaining $640 million would be utilized for investment activities and the development of business areas such as AI, cryptocurrency mining, P2P transaction infrastructure, and more.
As of December 31, 2023, Tether reported holding $97 billion in assets to collateralize the $91.5 billion USDT issued into the market. The majority of these assets consisted of US Treasury bonds, totaling $80.3 billion (both directly and indirectly), along with various other cash-equivalent assets. Additionally, the company owned $3.5 billion in gold, $2.8 billion in Bitcoin, $3.7 billion in other investments, and $4.8 billion in external lending assets.
Tether stated that 90% of the circulating USDT in the cryptocurrency market is backed by assets equivalent to cash, ensuring liquidity when needed.
CEO Paolo Ardoino remarked:
The Q4/2023 asset verification report from Tether continues to demonstrate our commitment to transparency, stability, and responsible financial management. Achieving the highest cash-backed debt ratio to date reflects our emphasis on liquidity stability. The net profit of $6.2 billion for the past year demonstrates the financial strength of Tether. Furthermore, investments in sustainable energy, Bitcoin mining, AI infrastructure, and P2P technology underscore Tether's determination for a robust financial industry serving everyone.
Related: Tether (USDT) is Currently "Dominating" the Stablecoin Supply.
The Ranking of USDT on Coinmarketcap
Currently, on Coinmarketcap, Tether's USDT continues to maintain its dominant position, significantly surpassing other stablecoins.
The Ranking of Stablecoins on Coinmarketcap as of January 2, 2024
Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research 
