Stablecoin issuer Tether experienced a “record-breaking” net profit surge, amounting to $2.85 billion in the fourth quarter of 2023.
Around $1 billion of this profit stemmed from net operating gains, largely derived from interests in the US Treasury, with the remainder mainly coming from the appreciation of gold and Bitcoin reserves.
“Tether’s Q4 attestation underscores our commitment to transparency, stability, and responsible financial management. Achieving the highest percentage of reserves in Cash and Cash Equivalents reflects our dedication to liquidity and stability.”
The post Tether Smashes Profit Records: $2.85 Billion Surge in Q4 2023 appeared first on CryptoPotato.
Stablecoin issuer Tether experienced a “record-breaking” net profit surge, amounting to $2.85 billion in the fourth quarter of 2023.
Around $1 billion of this profit stemmed from net operating gains, largely derived from interests in the US Treasury, with the remainder mainly coming from the appreciation of gold and Bitcoin reserves.
“Tether’s Q4 attestation underscores our commitment to transparency, stability, and responsible financial management. Achieving the highest percentage of reserves in Cash and Cash Equivalents reflects our dedication to liquidity and stability.”
The post Tether Smashes Profit Records: $2.85 Billion Surge in Q4 2023 appeared first on CryptoPotato.