Dominant Stablecoin Firm Posts Record $2.85 bn Profit In Q4
Tether, the issuer of stablecoin USDT, reported a $2.85 billion profit for Q4 2023, thanks to its record-breaking net profit.
The company’s financial performance was attributed to its various holdings, including gold and bitcoin reserves.
Tether’s gains in Q4 were primarily driven by U.S. treasuries interest and interest earned on its significant gold and bitcoin reserves.
The asset has seen 83% gains in the last year, with over $2.8 billion worth of bitcoin. As the largest stablecoin on the market, Tether’s significant financial gains suggest future growth for this asset class. The total stablecoin market cap has exceeded $135.4 billion, with USDT enjoying 71% market dominance.
(With inputs from Shikha Singh)
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