Introduced in the present day, Tether, the main stablecoin issuer, has emerged with a sturdy stability sheet showcasing possession of over $2.8 billion in Bitcoin. The data involves gentle following an audit carried out by BDO, a famend auditing agency, as detailed within the official auditor’s report.
The audited report offers a complete evaluation of Tether’s monetary standing, together with extra info on its Bitcoin holdings. Tether, recognized for its stablecoin USDT, has persistently performed a large position within the cryptocurrency market, facilitating transactions and sustaining a peg to the US Greenback.
“At Tether, we sit up for nice 2024, with many new initiatives and merchandise prepared to return alive,” mentioned Tether CEO Paolo Ardoino. “I am actually excited by Tether’s growth. Whereas Tether is usually recognized for one product (USDT), the corporate is changing into an investor and infrastructure builder in lots of strategical sectors, spacing from AI to P2P telecommunications, from Bitcoin mining to renewable power manufacturing.”
The corporate additionally had a $2.85 billion revenue for final quarter, of which about $1.85 billion got here from gold and bitcoin holdings. For all of 2023, Tether achieved a revenue of $6.2 billion.