The Tether Gets Profit of $2.85B in the Fourth Quarter of 2023 and $6.2B for the Year


Increased cash reserves and profitability were highlighted in Tether’s Q4 2023 report, which boasted the greatest cash percentage to yet.

Tether, a stablecoin, announced in its quarterly report for 2023 several notable accomplishments, including a rise in its cash reserves and quarterly profitability. The greatest percentage of reserves held in cash and equivalents was noted during this quarter.

The overall assets of Tether are estimated to be roughly $97 million, according to a recent announcement. But its assets are less than its entire obligations, which is around $5.5 million.

“Out of the total liabilities of the Group, which include all of its businesses and operations, 91,597,732,663 USD are associated with digital tokens that were issued.”

The achievement of the greatest proportion of reserves in cash and cash equivalents is a result of the company’s dedication to maintaining liquidity, according to Tether CEO Paolo Ardoino.

Tether has $91.6 billion in native tokens and around $82.06 billion in cash and equivalents in the fourth quarter of 2023.

“Tether’s dedication to openness, consistency, and conscientious fiscal management is shown by our Q4 certification. The fact that we have the largest proportion of cash and cash equivalents in reserves shows how serious we are about being both liquid and stable.”

There has always been a strong correlation between massive Tether minting events and sharp spikes in Bitcoin prices.

But since mid-January, when eleven spot Bitcoin ETF applications were authorized by the US Securities and Exchange Commission (SEC), the price of Bitcoin has dropped by 10%.

There may be some uncertainty about future volatility due to the recent minting. The United Nations has lately claimed that Tether is a major player in Southeast Asian cryptocurrency crime. Nevertheless, Tether strongly refutes the assertion.

According to Tether, the United Nations took a myopic view of USDT’s purported illegal usage, ignoring the fact that it supported neglected developing nations.

Nevertheless, in an effort to curb the misuse of USDT, Tether has since implemented a policy where users may choose to freeze their wallets voluntarily.

Those on the US Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) list may have their wallets voluntarily frozen by the stablecoin issuer, thanks to a new feature that will be available in December 2023.

Also Read: Swiss city of Lugano is excited about the future of multiple digital currencies

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