Tether Posts Record $2.85B Q4 Profit as USDT Nears $100B Market Cap

Stablecoin issuer's profits bolstered by US Treasury interests and appreciation of gold and bitcoin reserves, with plans to eliminate secured loans from reserves.

Tether reported a record net profit of $2.85 billion in Q4 2023, nearly half of its $6.2 billion net profits for the year.
About $1 billion of the Q4 profit came from interest on US Treasury holdings, with the rest primarily from appreciation of Tether's gold and bitcoin reserves.
Tether's USDT stablecoin nears a $100 billion market capitalization, with $5.4 billion in excess reserves backing its tokens.
Tether's assets as of Dec. 31, 2023, totaled $97 billion against $91.6 billion in liabilities.
Tether plans to reduce secured loans in its reserves to zero throughout 2023, with its $4.8 billion in outstanding secured loans fully covered by excess reserves.