- Tether’s Q4 report reveals major gains and a surge in USDT token reserves.
- The firm recorded an all-time high in profit in the last quarter.
- Tether’s USDT was recently flagged as a major player in financial cybercrime.
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.
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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.
Nonetheless, USDT has a circulating token supply of approximately $96 billion.
Read here to find out more about Tether’s USDT toke mint:
Tether USDT’s Market Cap Skyrockets to Near $90B ATH
To find out more about the ongoing legal battle involving the SEC and Terraform Labs, read here:
Terraform Labs Bolsters Tactics to Thwart SEC Lawsuit
