Introduced right now, Tether, the main stablecoin issuer, has emerged with a sturdy steadiness sheet showcasing possession of over $2.8 billion in Bitcoin. The data involves mild following an audit performed by BDO, a famend auditing agency, as detailed within the official auditor’s report.
The audited report supplies a complete evaluation of Tether’s monetary standing, together with extra info on its Bitcoin holdings. Tether, identified for its stablecoin USDT, has constantly performed a large function 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 come back alive,” mentioned Tether CEO Paolo Ardoino. “I am actually excited by Tether’s growth. Whereas Tether is usually identified 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 vitality 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.