Tether has reported holdings worth $7.8 Billion Bitcoin (BTC). This boosted the company’s profits last year to more than $13 Billion. The company’s informed price of $93,812 puts its Bitcoin stash at 83,758 BTC.
Meanwhile, the firm’s profits increased by $5.3 billion in the fourth quarter.
BDO global accounting firm conducted an assurance opinion that estimated the unrealized profits generated by gold and Bitcoin in the holdings of the company at $5 billion.
Tether’s exposure to US Treasuries reached $113 billion in 2024, and the firm’s net profits increased $5.3 billion in the fourth quarter, exceeding $13 billion for the year. Tether’s reserve surplus exceeded $7 billion. This represents a 36% increase in annual growth.
Treasury holdings and Repo Agreements contributed $7 billion while other traditional investment added $1 billion. Group equity also exceeded $20 billion, with investments totaling over $12 billion, in areas such as renewable energy, Bitcoin, artificial intelligence and telecommunications.
Total assets
Tether’s total assets and liabilities were $157.6 Billion, while its total liabilities came in at $137.6 Billion. Reserves for Tether tokens issued amounted at $143.7 billion. This was more than $7 billion higher than liabilities.
It was noted by the company that the reserve backing tokens does not include its own investments.
According to Tether’s Chief Executive Officer Paolo Ardoino the company is a growing business. “continues to set the gold standard for stability and trust in the digital assets space”Also highlighted was the Digital Asset Service Provider license (DASP). Recently secured in El Salvador.
The move is a part of Tether’s plans to move its headquarters to the country.
A post from 31 Jan. X, He said Tether has invested in key talent while still maintaining a lean staff.
Ardoino shared with Tether’s launch that it will be launched. “several more products” in the following months, including artificial intelligence platforms, telecommunications-focused applications, new financial tools, and educational services.
45 billion USDT
Tether will issue USDT stablecoins worth over $45 billion by 2024. $23 billion was issued in just the fourth quarter. Ardoino reported that USDT users reached 400 millions worldwide in 2018.
Artemis’ data shows that USDT total supply reached nearly $143 Billion as of January 31, which is 66.4% the total stablecoin supply. In 2024, the total volume of USDT transfers will exceed $10 trillion.
Tether was launched on January 16, 2019. LayerZero has formed a partnership to launch its USDT0 stabilcoin. This stablecoin is focused on the interoperability of multiple blockchains without using bridges.
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