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 <p>Stablecoin issuer Tether’s USDT is closing in on a $100 billion market cap after the firm saw record-breaking profits last quarter.</p>
 <p>According to Tether’s last earnings report, the company made $2.85 billion in profits during the fourth quarter of 2023, the highest the firm has ever seen, which was largely driven by interest payments from US Treasuries.</p>
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 <p>Says the report,</p>
 <p><em>“In terms of financial performance, the fourth quarter witnessed a record-breaking net profit of $2.85 billion, of which ~$1 billion in net operating profits (were primarily interests from US Treasuries) with the remaining primarily from the appreciation of gold and Bitcoin reserves.”</em></p>
 <p>According to analytics firm IntoTheBlock, Tether’s increasing dominance as of late partially stems from its competitors facing significant hurdles, including USDC-issuer Circle being affected by the regional bank crisis, and Binance’s BUSD suffering from regulatory scrutiny from the US government.</p>
 <p><em>“This situation has positioned Tether to capitalize on these developments, thereby enhancing their presence and facilitating their expansion.”</em></p>
 <p>USDC is currently less than one-third of USDT’s market cap while BUSD is in the process of being wound down.</p>
 <p>According to Tether’s last earnings report, as of December 1st, 2023, the company has $5.4 billion in excess funds – which covers its $4.8 billion in outstanding loans included in USDT reserves – and over $98 billion in assets under its management.</p>
 <p>At time of writing, USDT’s market cap stands at $96.17 billion.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/tether-usdt-hits-96-000-000-000-in-market-cap-following-record-breaking-net-profit-in-q4-2023-tbt78956.html">https://thebittimes.com/tether-usdt-hits-96-000-000-000-in-market-cap-following-record-breaking-net-profit-in-q4-2023-tbt78956.html</a></p>

Tether (USDT) Hits $96,000,000,000 in Market Cap Following Record-Breaking Net Profit in Q4 2023

TheBitTimes

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