Bitcoin

<a href="https://optimisus.com/market/market-news/tether-implements-new-policy-to-freeze-wallets-on-us-sanctions-list-for-enhanced-crypto-security/" rel="noopener noreferrer nofollow">Tether Holdings Limited</a> has <a href="https://tether.to/en/tethers-2023-q4-attestation/" rel="noopener noreferrer nofollow">reported</a> a "record-breaking" quarterly net profit of $2.85 billion in the fourth quarter of 2023.  
The details are outlined in the "Consolidated Reserves Report," which BDO audited. According to the report, interest on US Treasury securities accounted for around $1 billion of net operating profits, with the remainder attributed to the appreciation of Tether's gold and Bitcoin reserves.  
According to the report, Tether's consolidated assets total more than $97 billion, which includes US Treasury securities, reverse repo, money market funds, Bitcoin, and gold.  
Cash and cash equivalents account for 90% of the company's assets and serve as the basis for the issuance of<a href="https://optimisus.com/news/crypto-news/tether-freezes-over-225-million-worth-of-usdt-tokens/" rel="noopener noreferrer nofollow"> Tether USD (USDT).</a>  
Paolo Ardoino, CEO of Tether, emphasizes the company's commitment to transparency, stability, and responsible financial management, stating, "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."  
Notably, Tether's excess reserves have reached an all-time high of $5.4 billion, up $2.2 billion. Tether's net profit for 2023 was $6.2 billion, with around $4 billion coming from net operating profits across multiple asset classes.  
An additional $640 million was strategically invested in projects such as mining, AI infrastructure, and peer-to-peer telecommunications through a new segregated venture capital structure.  
This approach aims to ensure that these investments have no direct impact on Tether's token reserves, demonstrating the company's commitment to a "more sustainable and inclusive financial future." 
The post <a href="https://optimisus.com/news/crypto-news/tether-usdt-makes-almost-3-billion-in-quarterly-profits/" rel="noopener noreferrer nofollow">Tether (USDT) makes almost $3 billion in quarterly profits</a> appeared first on <a href="https://optimisus.com" rel="noopener noreferrer nofollow">Optimisus</a>.

Tether (USDT) makes almost $3 billion in quarterly profits

Optimisus

Other articles published on Feb 1, 2024

XRP Price Poised For Liftoff? Whale Holdings Soar Despite Ripple Hack

Decisive Response to XRP Heist: Binance Implements Security Measures

Melirik Trading Platform Inovatif Baru yang Siap Mengguncang Ruang Kripto

InterWorld Announces $ITW Token Launch Event on GemPad Platform

Bitcoin mining causing health, noise crises in small Texas town

Analyst Predicts Potential Bitcoin Rally to $60,000

Join our free newsletter for daily crypto updates!