Tether Achieves Record $6.2 Billion Annual Profit, Nears $100 Billion In Assets

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By BitcoinWiki News

Key Takeaways:

  • Tether’s Q4/2023 attestation report shows a profit of $2.85 billion for the quarter, with ~$1 billion coming from net operational profit (mainly US T-bill interests) and ~$1.85 billion from gold and Bitcoin holdings
  • Total profit for 2023 is $6.2 billion
  • Cash and cash equivalents now cover 90% of all reserves
  • Tether’s portfolio includes $80.3 billion worth of US Treasuries, $3.6 billion in gold, $2.1 billion in Bitcoin (BTC), and $5.6 billion of “other” holdings
  • Tether has also invested $1.5 billion into VC investments in areas like AI infrastructure, Bitcoin mining, and P2P telecommunications technology, which are not considered part of the reserves

Tether Sees Financial Surge in 2023

Financial Milestones

Tether’s Q4 attestation report showed a $6.2 billion profit in 2023, with significant gains from US Treasuries, Reverse Repo, and Money market funds. The stablecoin giant held total assets worth $97 billion as of December 31, representing a strategic allocation of assets.

Asset Breakdown

Tether’s portfolio includes $82.06 billion in cash and cash equivalents, primarily in US Treasuries. It also holds $3.6 billion in gold, $2.1 billion in Bitcoin, and $5.6 billion in “other” holdings. Additionally, $1.5 billion has been invested in VC ventures.

Industry Impact

As the largest stablecoin issuer, Tether’s financial achievements are crucial for the stability of the entire industry. The company’s emphasis on maintaining solid reserves and 1:1 backing of its stablecoins by US dollars is essential for retaining value and ensuring industry-wide financial stability.

Market Position

Tether’s financial achievements in 2023 have solidified its position as the largest stablecoin issuer, with significant growth and strategic asset management. As the company moves forward, maintaining financial stability and asset-backed security will be essential for its operations and user confidence.

Overall, Tether’s financial gains in 2023 demonstrate a year of substantial growth and strategic asset management, reinforcing its position as a leader in the stablecoin sector.

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