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Reported by Cointelegraph, Tether Holdings Limited, the company behind the stablecoin Tether , has generated “a record-breaking net profit” in the last quarter of 2023, driven by Treasury interest and a strong performance from other assets.
According to Tether’s attestation report on Jan. 31, the company recorded a net profit of $2.85 billion in the fourth quarter of 2023, including up to $1 billion in net interest from United States Treasury securities. Gold and Bitcoin reserves contributed to the remaining balance.
For the year, Tether disclosed a total net profit of $6.2 billion, with $4 billion being generated by U.S. Treasury bonds and other non-crypto investments. Total assets under management for Tether include $80.3 billion in U.S. Treasurys, $2.8 billion in BTC, $3.5 billion in gold and $1.5 billion in venture capital investments.
The stablecoin issuer is said to have accumulated $5.4 billion in excess reserves in 2023, covering the outstanding $4.8 billion in secured loans, as a response to the community’s concerns about its supposed portfolio risk.
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