Tether Reports $2.85 Billion in Profit in Q4 2023, Sets New Records

Tether Holdings released its assurance opinion for Q4 of 2023, conducted by the BDO auditing firm. The report suggests the fourth quarter was a record-breaking performance for the company. It saw an overall net profit of $2.85 billion. $1 billion of the profits were in net operations, with the remaining primarily coming in appreciation of gold and Bitcoin reserves.

The attestation report also signals a total profit of roughly $6.2 billion in 2023. According to Tether’s press release, the excess reserves registered an all-time high increase of $2.2 billion totaling $5.4 billion, while the remaining $640 million was invested in various strategic projects. These projects included Bitcoin mining, AI infrastructure, and others.

Also Read: China Says Using Tether For Currency Exchange Is Illegal

Furthermore, Tether adds in the Q4 attestation that it issued tokens backed by cash and cash equivalent at 90%. Thus, emphasizing its dedication to maintaining liquidity within the stablecoin ecosystem.

“At Tether, we look forward to a great 2024, with many new projects and products ready to come alive,” CEO Paolo Ardoino says in an X post. He adds “I’m really excited by Tether’s expansion. While Tether is mostly known for one product (USDt), the Company is becoming an investor and infrastructure builder in many strategical sectors, spacing from AI to P2P telecommunications, from Bitcoin mining to renewable energy production.”