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February 22, 2024
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Tether releases Q4 2023 financial report, showing remarkable growth

Tether, issuer of the largest stablecoin by market capitalization, recently published its financial report for the fourth quarter of 2023.

The company reported a record-breaking net profit of $2.85 billion for Q4 2023, with a significant part from interests in US Treasuries and appreciation of Gold and Bitcoin reserves. The profit increased Tether’s excess reserves by $2.2 billion to a total of $5.4 billion. The remaining $640 million was invested in various strategic projects (such as mining, AI infrastructure, P2P telecommunications and others).

For all of 2023, Tether achieved a profit of $6.2 billion.

“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. The substantial net profits generated not only in the last quarter of the year but throughout the year, amounting to $6.2 billion, showcases our financial strength. Furthermore, our investments in sustainable energy, Bitcoin mining, data, AI infrastructure, and P2P telecommunications technology illustrate our commitment to a more sustainable and inclusive financial future,” said Paolo Ardoino, CEO of Tether.

The post Tether releases Q4 2023 financial report, showing remarkable growth appeared first on Crypto Reporter.

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