Tether Profits at All-Time High, USDT Reserves Hit $5.4B

USDT CRYPTO_NEWS

USDT, the world’s most popular stablecoin, has demonstrated remarkable performance recently, marked by token minting and a surging market capitalization. 

Despite a rocky start to the year, marked by reports of criminal activities linked to USDT, Tether has unveiled achievements from its 2023 performance.

Tether Q4 Records $2.85 Billion Profit

On Wednesday, January 31,  the BDO-conducted Tether Q4 report unveiled a $2.85 billion profit over three months.

This brought its full-year profit to a staggering $6.2 billion, 65% of which is attributed to net operating profits generated by US Treasuries and Money market funds.

The Tether Q4 attestation further disclosed that Tether’s USDT excess reserves surged by an all-time high of $2.2 billion, hitting approximately $5.4 billion. This covers the stablecoin issuer’s outstanding secured loans of $4.8 billion.

Earlier this month, Tether became controversial when the United Nations published a report flagging USDT for its alleged involvement in criminal activities and money laundering rings across Southeast Asia. While Tether swiftly countered the claims, the report doubted the stablecoin’s credibility. 

Source : DailyCoin by Grace Abidemi / Feb 1, 2024

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