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Home»ADOPTION NEWS»Tether reported revenue of $2.9 billion in the fourth quarter and excess reserves of $5.4 billion.
ADOPTION NEWS

Tether reported revenue of $2.9 billion in the fourth quarter and excess reserves of $5.4 billion.

By Crypto FlexsFebruary 1, 20243 Mins Read
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Tether reported revenue of .9 billion in the fourth quarter and excess reserves of .4 billion.
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Stablecoin issuer rope USDT

-0.10%
According to its latest certification, it achieved a record net profit of $2.9 billion in the fourth quarter of 2023, with excess reserves backing tokens in circulation growing to an all-time high. This is a report conducted by BDO, a global auditing firm.

Net operating income was approximately $1 billion, primarily driven by holdings in U.S. Treasury securities, with the remainder of the gain primarily related to the valuation of Tether’s Bitcoin and gold holdings during the quarter.

The gains increased Tether’s excess reserves by $2.2 billion, bringing the total to $5.4 billion. The rest was used to fund investments in projects including mining, AI infrastructure and peer-to-peer communications, and is not considered part of the reserves, the company said.

BDO confirmed that Tether’s year-end outstanding $4.8 billion in unsecured loans were fully covered by excess reserves. Tether said it was proud to remove collateral risk from its token reserves.

“While these collateralized loans are overcollateralized, Tether has accumulated sufficient excess reserves to cover the entire exposure,” the company said. “This is in response to concerns expressed in the past by the community about this part of the portfolio.”

Tether’s main business is operating the USDT stablecoin, which generates $6.2 billion in annual net profit.

Tether buys more Bitcoin

Tether also acquired an additional 8,888 Bitcoin in the fourth quarter, bringing its total holdings to approximately 66,465. BTC

-2.11%
— Currently worth about $2.8 billion — The Block It was reported earlier this month.

As of December 31, the company’s consolidated holdings amounted to at least $97 billion, including $80.3 billion in U.S. Treasury bonds and $3.5 billion in gold. Tether’s consolidated debt related to issued digital tokens amounts to $91.6 billion, 90% of which is collateralized by cash or cash equivalents.

“Tether’s fourth quarter certification underscores our commitment to transparency, stability and responsible financial management,” said Tether CEO Paolo Ardoino.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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