The world’s largest stablecoin company Tether (USDT), It reported a record net profit of $2.85 billion for the fourth quarter of 2023.
The company’s latest audit by BDO reveals that Tether has reserves of over $5.4 billion at the end of 2023.
In the fourth quarter, Tether generated approximately $1 billion in net operating profit, primarily from interest earned on U.S. Treasury securities. The remaining profits are primarily Gold and Bitcoin was due to the appreciation of its reserves. The company’s excess reserves increased by $2.2 billion, the highest increase of all time, reaching a total of $5.4 billion.
Tether Mining invested another $640 million in various strategic projects such as artificial intelligence infrastructure and P2P telecommunications.
The Group’s net profit for 2023 is $6.2 billion, of which approximately $4 billion represents the net operating profit from US Treasury bonds, Reverse Repo and Money market funds. The rest was achieved thanks to the performance of other asset classes.
Tether also continued to receive positive contributions from all asset classes, especially Gold, Bitcoin and other investments. The group reached new record levels in both direct and indirect ownership of US Treasury securities with $80.3 billion.
As of December 31, 2023, the company’s consolidated total assets were at least $97,020,394,556. The group’s consolidated total liabilities amounted to $91,597,732,663, of which $91,572,956,801 relates to issued digital tokens.
*This is not investment advice.
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