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Home»ALTCOIN NEWS»Tether (USDT) has a market capitalization of $96 billion after achieving record net profit in the fourth quarter of 2023.
ALTCOIN NEWS

Tether (USDT) has a market capitalization of $96 billion after achieving record net profit in the fourth quarter of 2023.

By Crypto FlexsFebruary 5, 20242 Mins Read
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Tether (USDT) has a market capitalization of  billion after achieving record net profit in the fourth quarter of 2023.
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Stablecoin issuer Tether’s USDT is approaching $100 billion in market capitalization after posting record profits last quarter.

According to Tether’s last earnings report, the company posted revenue of $2.85 billion in the fourth quarter of 2023, a record high for the company, driven primarily by interest payments on U.S. Treasury bills.

according to the report,

“In terms of financial performance, we recorded record net income in the fourth quarter of $2.85 billion, of which ~$1 billion was net operating income (mainly interest on U.S. Treasury bills) and the remainder was primarily from gold and Bitcoin reserves. It happened in the evaluation. .”

According to analytics firm IntoTheBlock, Tether’s recent increase in dominance stems in part from its competitors facing significant obstacles, with USDC issuer Circle affected by a regional banking crisis and Binance’s BUSD facing regulatory scrutiny from the U.S. government.

“This situation allows Tether to leverage these developments to strengthen its presence and drive expansion.”

USDC currently has less than a third of USDT market cap and BUSD is in the process of shrinking.

According to Tether’s last earnings report, as of December 1, 2023, the company had over $98 billion in assets under management and $5.4 billion in excess funds covering $4.8 billion in outstanding loans held in USDT reserves.

As of this writing, USDT’s market capitalization is $96.17 billion.

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Featured Image: Shutterstock/Rost9/WindAwake

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