Tether Unveiled in Record $2.85 Billion Profit in Q4 2023
Tether (USDT) reported record quarterly profits of $2.85 billion, and the market capitalization of the largest stablecoin is now approaching $100 billion. Tether's Q4 net profit accounted for a whopping 46% of the company's total net profit of US$6.2 billion in 2023, and the market value of its flagship product USDT rose to more than 10% from $83.2 billion on Oct. 1 to $91.7 billion on Dec. 31.
According to Tether’s latest attestation report conducted by auditing firm BDO, the USDT stablecoin issuer had over $5.4 billion in excess reserves at the end of 2023.
The latest quarterly audit released Wednesday showed that about $1 billion in profits came from earned interest received from its bulk investments in the U.S. Treasuries, as well as reverse repo transactions and investments in the money market funds earmarked as a collateral for the USDT.
The rest proceeds came “primarily” from the appreciation of other Tether investments — such as investments in Bitcoin (BTC) and gold.
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