The stablecoin issuer amassed a $2.85 billion profit in 2023 Q4, surging its full-year profit to new heights.
USDT, the world’s most popular stablecoin, has demonstrated remarkable performance in recent months, marked by token minting and a surging market capitalization.
Despite a rocky start to the year, marked by reports of criminal activities linked to USDT, Tether has now unveiled achievements from its 2023 performance.
Tether Q4 Records $2.85 Billion Profit
On Wednesday, January 31, the BDO-conducted Tether Q4 report unveiled a $2.85 billion profit over a three-month period.
This brought its full year profit to a staggering $6.2 billion, 65% of which is attributed to net operating profits generated by US Treasuries and Money market funds.
Tether's Q4 Attestation: Reports $2.85 billion in Profit, Sets New Records in Excess Reserves of Cash and Cash Equivalent Backing Token in Circulation
Read more:👉 https://t.co/acMOuP1Z2F
— Tether (@Tether_to) January 31, 2024
The Tether Q4 attestation further disclosed that Tether’s USDT excess reserves surged by an all-time high of $2.2 billion, hitting approximately $5.4 billion. This covers the stablecoin issuer’s outstanding secured loans of $4.8 billion.
Earlier this month, Tether found itself in a whiff of controversy, when the United Nations published a report flagging out USDT for its alleged involvement in criminal activities and money laundering rings across Southeast Asia. While Tether swiftly countered the claims, the report casted a shadow of doubt on the stabecoin’s credibility.
Nonetheless, USDT currently has a circulating token supply of approximately $96 billion.
