Tether Reports Q4 2023 Profits of $2.85B with BDO Assurance

A leading stablecoin company, Tether Holdings Limited (BVI), reported a Q4 2023 profit of $2.85 billion, substantiated by an assurance opinion from the global auditing firm BDO.

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:👉

— Tether (@Tether_to) January 31, 2024

The attestation confirms the accuracy of Tether’s Consolidated Reserves Report (CRR). Notably, the quarter saw a record-breaking net profit of $2.85 billion, driven by $1 billion in operating profits and gains from Gold and Bitcoin reserves. 

Excess reserves surged to $5.4 billion, with $640 million invested in strategic projects. Tether successfully eliminated secured loan risks, covering $4.8 billion in loans with excess reserves. 

The yearly net profit in 2023 reached $6.2 billion, with positive contributions from various asset classes. Tether maintains transparency, issuing tokens backed 90% by Cash and Cash Equivalents. 

As of December 31, 2023, Tether’s consolidated assets of $97 billion surpass liabilities. The company continues long-term investments in sustainable energy, Bitcoin mining, AI infrastructure, and more, reaching $642 million in Q4 2023.

Paolo Ardoino, CEO of Tether, said, “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.”

Tether’s Q4 2023 financial report, validated by BDO’s assurance, showcases impressive profits, a solid $5.4 billion in excess reserves, and a commitment to transparency, positioning the company with substantial assets exceeding liabilities.

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2024-01-31 20:20