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

The stablecoin issuer amassed a $2.85 billion profit in 2023 Q4, surging its full-year profit to new heights.

Tether angel celebrating with money falling from the sky.
Created by Kornelija Poderskytė from DailyCoin
  • 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.

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 

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Grace Abidemi

Grace Abidemi, a cryptocurrency reporter at DailyCoin, covers industry developments and trends. She previously worked as a freelance writer. With a Bachelor's degree in German Language and certifications in marketing and storytelling, Grace creates engaging content. When not working, she's in Nigeria, mastering cooking and canvas painting, and enjoys learning about different cultures and languages.