Announced today, Tether, the leading stablecoin issuer, has emerged with a robust balance sheet showcasing ownership of over $2.8 billion in Bitcoin. The information comes to light following an audit conducted by BDO, a renowned auditing firm, as detailed in the official auditor's report.
JUST IN: Tether now owns over $2.8 billion in #Bitcoin on their balance sheet ???? pic.twitter.com/Y0x8nNfyRl
— Bitcoin Magazine (@BitcoinMagazine) January 31, 2024
The audited report provides a comprehensive analysis of Tether's financial standing, including more information on its Bitcoin holdings. Tether, known for its stablecoin USDT, has consistently played a massive role in the cryptocurrency market, facilitating transactions and maintaining a peg to the US Dollar.
"At Tether, we look forward to great 2024, with many new projects and products ready to come alive," said Tether CEO Paolo Ardoino. "I'm really excited by Tether's expansion. While Tether is mostly known for one product (USDT), the company is becoming an investor and infrastructure builder in many strategical sectors, spacing from AI to P2P telecommunications, from Bitcoin mining to renewable energy production."
The company also had a $2.85 billion profit for last quarter, of which about $1.85 billion came from gold and bitcoin holdings. For all of 2023, Tether achieved a profit of $6.2 billion.
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