Tether Records $2.85B Profit in Q4 2023, $6.2B Across the Year

9 months ago 5

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Stablecoin company Tether disclosed a report unveiling noteworthy achievements in the final quarter of 2023, notably an augmentation in its cash reserves and quarterly profits.

It was emphasized that this quarter witnessed the highest proportion of reserves in cash and cash equivalents.

Tether Claims Large Amount of Cash Reserves

In a recent statement, it was revealed that Tether possesses total assets of around $97 million. However, its total liabilities fall approximately $5.5 million short of its assets.

“The Group’s consolidated total liabilities amount to US$ 91,597,732,663 of which US$ 91,572,956,801 relate to digital tokens issued.”

CEO Paolo Ardoino of Tether clarified that the attainment of the highest percentage of reserves in cash and cash equivalents stems from the company’s commitment to sustaining liquidity.

In the fourth quarter of 2023, Tether held $91.6 billion in native tokens, with approximately $82.06 billion in cash and cash equivalents.

“Tether’s Q4 attestation underscores our commitment to transparency, stability, and responsible financial management. Achieving the highest percentage of reserves in Cash and Cash Equivalents reflects our dedication to liquidity and stability.”