It was announced today that Tether, the leading stablecoin issuer, has emerged with a strong balance sheet showcasing ownership of over $2.8 billion in Bitcoin. This information was disclosed following an audit conducted by BDO, a reputed audit firm, as detailed in the official auditor's report.
The audited report provides a comprehensive analysis of Tether's financial position, including more information about its Bitcoin holdings. Tether, known for its USDT stablecoin, has consistently played a massive role in the cryptocurrency market, facilitating transactions and maintaining its peg to the US dollar.
“At Tether, we are looking forward to a great 2024, with many new projects and products ready to be implemented,” said Paolo Ardoino, CEO of Tether. “I'm really excited about Tether's expansion. While Tether is mostly known for one product (USDT), the company has become an investor and infrastructure builder in many strategic sectors, from artificial intelligence to P2P communications, and from Bitcoin mining to renewable energy production.” .
The company also generated $2.85 billion in profits last quarter, of which about $1.85 billion came from gold and bitcoin holdings. Over the course of all of 2023, Tether made a profit of $6.2 billion.
