- 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.
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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 ATHÂ
To find out more about the ongoing legal battle involving the SEC and Terraform Labs, read here:
Terraform Labs Bolsters Tactics to Thwart SEC LawsuitÂ
