Tether reports Q4 2023 profits of $2.8b

Tether reported an all-time-high increase in USDT’s excess reserves and recorded net profits in the last quarter of 2023. 

According to a Q4 attestation, stablecoin operator Tether (USDT) made $2.8 billion in net profits from price appreciations tied to its Bitcoin (BTC) and gold reserves. U.S. Treasury bills secured the digital payments firm $1 billion in net operation profits, lifting excess reserves to $5.4 billion. 

This marked a $2.2 billion increase from the previous quarter. Some of this profit was put to work funding BTC mining, AI development, P2P communications, and other project investment endeavors. 

BDO, Tether’s chosen audit provider, attested the firm’s excess reserves fully covered its $4.8 billion in outstanding unsecured loans, which partly back its USDT stablecoin. The firm generated a net profit of $6.2 billion for the whole of last year.

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.

Paolo Ardoino, Tether CEO
You might also like: Cantor Fitzgerald CEO confirms Tether’s legitimate $86b assets

Tether adds to Bitcoin holdings

In addition to making record profits, the company bought more Bitcoin in the final quarter of 2023. The audit pointed to 8,888 BTC worth an estimated $387 million acquired by USDT’s issuer. This brings Tether’s total BTC portfolio to 66,465 coins valued at almost $3 billion as private entities accumulate crypto’s largest token amid growing adoption. 

The digital asset giant started buying BTC sometime in the first half of 2023, allocating up to 15% of its net realized operating profit to the cryptocurrency. Its Bitcoin holdings have swelled in value since then as markets rallied on the back of institutional interest from Wall Street titans like BlackRock and Fidelity. 

Read more: Tether expands market share by 21% in 2023
Follow Us on Google News

Comments

Post a Comment

Popular posts from this blog

Fetch.ai Price Prediction: FET Pumps 14% On Nvidia Earnings As AI Cryptos Boom And Analysts Say This New Solana Meme Coin Might Outperform BONK, WIF And MYRO

Image
The Fetch.ai price has soared by 14.5% in the past 24 hours to trade at $1.12 as of 8:15 a.m. EST on trading volume that surged 10.5% to $612 million. This surge came after AI chip maker Nvidia reported that fourth-quarter earnings had surpassed market expectations, buoying most of the AI crypto sector. Other AI cryptos to surge included Render (RNDR), Akash Network (AKT), and Bittensor (TAO), all ascending by double digits. Fetch.ai Price Susatains Bullish Momentum Above the Bullish Pennant FETUSD Analysis by Tradingview The Fetch.ai price indicates a continued uptrend after breaking from the consolidation stage. However, the resistance level at $0.78 has led to the formation of a bullish pennant, which signals a bullish trend reversal. However, the bulls seem to have acted on the pennant, indicating resilience on the $0.4424 support zone and flying the price past the $0.78 resistance, confirming the bull rally to the $1.17 resistance level. The technical indicators are bul
Read more

Bitcoin slicing through this resistance could send it over $47k

Image
Although the majority of assets in the cryptocurrency sector got off to a slow start this week, Bitcoin (BTC) could be looking at a massive advance toward and beyond the threshold of $47,000 soon, provided it manages to break the key resistance that currently stands in its way. As it happens, Bitcoin’s realized price distribution (URPD) or unspent transactions output (UTXO), or the amount remaining after every transaction, suggests that the maiden cryptocurrency is facing “stiff resistance at $38,500,” as noted by crypto market analyst Ali Martinez in an X post on November 26. Having said that, the crypto trading expert also observed that the flagship decentralized finance (DeFi) asset “slicing through this barrier could help BTC advance toward $47,360,” which is the next significant point in the chart Analysis that Martinez shared. Bitcoin UTCO realized price distribution. Source: Ali Martinez Specifically, UTXO UPRD shows at which prices the current Bitcoin UTXOs appeared, ea
Read more

Binance faces calls for ban by Nigerian Bureau De Change association

Image
Gwadabe reportedly emphasized that Binance trading has increasingly established itself as a central point for both the Investor and Exporters window as well as the parallel market. Binance continues to experience an increase in regulatory heat as the Federal Government of Nigeria is being urged by the Association of Bureau De Change Operators of Nigeria (ABCON) to prohibit the activities of Binance within the nation. ABCON is a self-regulatory body and an umbrella for all the central bank-licensed Bureaux de Change (BDC). This action comes in response to the association reportedly recognizing Binance as a significant contributor to the pressure on the naira. As reported by Nairametrics, a local news agency, Alhaji Aminu Gwadabe, president of ABCON, provided this counsel in an interview held on Aug. 8 in Lagos. Gwadabe reportedly emphasized that Binance trading has increasingly established itself as a central point for both the Investor and Exporters window as well as the parallel mar
Read more