{"id":10316,"date":"2024-02-01T10:17:00","date_gmt":"2024-02-01T08:17:00","guid":{"rendered":"https:\/\/forklog.com\/en\/tethers-q4-net-profit-reaches-2-9-billion\/"},"modified":"2024-02-01T10:17:00","modified_gmt":"2024-02-01T08:17:00","slug":"tethers-q4-net-profit-reaches-2-9-billion","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/tethers-q4-net-profit-reaches-2-9-billion\/","title":{"rendered":"Tether’s Q4 Net Profit Reaches $2.9 Billion"},"content":{"rendered":"

Tether, the issuer of the USDT stablecoin, reported a record net profit of $2.9 billion for the October-December period, according to its attestation report<\/a>.<\/p>\n

Of this amount, $1 billion was attributed to interest from U.S. Treasury bonds, with the remaining sum resulting from positive revaluation of reserves in gold and bitcoin.<\/p>\n

The net profit for 2023 amounted to $6.2 billion.<\/p>\n

Excess reserves increased by $2.2 billion in the last reporting period, rising from $3.2 billion to a record $5.4 billion.<\/p>\n

Tether allocated $0.7 billion of the $2.9 billion to finance investments, including cryptocurrency mining, AI infrastructure, and P2P<\/a> communications.<\/p>\n

Auditor BDO confirmed the existence of $4.8 billion in outstanding unsecured loans.<\/p>\n

\n

\u201cTether has accumulated sufficient excess reserves to cover all risk. This addresses previously <\/em>expressed community concerns<\/em> regarding this part of the portfolio,\u201d<\/em> the document states.<\/p>\n<\/blockquote>\n

In the October-December period, the company expanded its bitcoin holdings by 8888 BTC<\/a>, reaching 66,454 BTC ($2.81 billion).<\/p>\n

As of December 31, total assets stood at $97 billion, including $80.3 billion in U.S. government bonds and $3.5 billion in gold.\u00a0<\/p>\n

Liabilities associated with USDT increased to $91.6 billion, 90% of which were covered by cash and cash equivalents.<\/p>\n

\"1-895\"
Data: Tether.<\/figcaption><\/figure>\n

Since December 1, 2023, Tether has begun freezing wallets linked to the SDN<\/span> of the U.S. Treasury’s Office of Foreign Assets Control. The company also highlighted its assistance to agencies such as the Department of Justice, the Secret Service, and the FBI.<\/p>\n

Previously, Tether expressed disappointment<\/a> with the UN’s assessment of USDT’s use in illegal activities<\/a> and the neglect of the asset’s role in developing economies.<\/p>\n","protected":false},"excerpt":{"rendered":"

Tether, the issuer of the USDT stablecoin, reported a record net profit of $2.9 billion for the October-December period, according to its attestation report. Of this amount, $1 billion was attributed to interest from U.S. Treasury bonds, with the remaining sum resulting from positive revaluation of reserves in gold and bitcoin. The net profit for […]<\/p>\n","protected":false},"author":1,"featured_media":10315,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1252,807,1245],"class_list":["post-10316","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-reports","tag-stablecoins","tag-tether-usdt"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/10316","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=10316"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/10316\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/10315"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=10316"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=10316"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=10316"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}