Tether’s Q4 Net Profit Reaches $2.9B

In the fourth quarter of 2023, Tether, the company behind the issuance of the stablecoin USDT, reported a record net profit of $2.9 billion. This information was disclosed in their certification report.

Around $1 billion of the net profit came from interest earned on US Treasury bonds, while the rest was from a positive revaluation of reserves in gold and Bitcoin.

Overall, Tether’s net profit for the year 2023 was $6.2 billion. During the most recent reporting period, the company’s excess reserves grew by $2.2 billion, from $3.2 billion to a record high of $5.4 billion.

Out of the $2.9 billion net profit, Tether allocated $0.7 billion to fund investments, including in the production of the first cryptocurrency, AI infrastructure, and P2P communications.

According to auditor BDO, there are $4.8 billion in outstanding unsecured loans.

The company’s document states that Tether has accumulated sufficient excess reserves to cover all risks, addressing previous concerns raised by the community.