Tether Records $2.85 Billion in Q4 Profits
01 Feb, 2024 ● Coin news
Tether Holdings Limited reported an unprecedented profit for the final quarter of 2023, attributing this success to gains from Treasury interests and other investments.
An attestation on January 31 revealed a $2.85 billion profit for the quarter, significantly bolstered by returns from U.S.
Treasury securities and contributions from gold and Bitcoin holdings. Zippia's analysis indicates a remarkable profit per employee ratio, highlighting Tether's financial efficiency for the period.
The company announced a yearly profit of $6.2 billion, with a substantial portion derived from U.S. Treasury bonds and various non-cryptocurrency investments.
Tether's asset management includes a diverse portfolio, emphasizing the security and returns of U.S. Treasury bills, considered one of the safest investment options globally.
Amidst the tumultuous crypto market of 2022, Tether strategically diversified its reserve assets to enhance the stability of its stablecoin, leading to significant purchases of U.S. Treasury bills.
Tether has solidified its position in the cryptocurrency market, achieving a dominant share of the stablecoin circulation. The company's strategic initiatives, including collaboration with law enforcement agencies like the FBI, aim to fortify its platform against illegal activities.
Sources:
https://cointelegraph.com/news/tether-posted-record-2-85-billion-profit-q4-driven-treasury-bills
https://tether.to/en/tethers-2023-q4-attestation/
