{"id":393592,"date":"2024-02-01T13:08:10","date_gmt":"2024-02-01T13:08:10","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=393592"},"modified":"2024-02-01T13:52:15","modified_gmt":"2024-02-01T13:52:15","slug":"tether-reports-5b-reserve-excess-after-making-more-profit-than-goldman-sachs-last-quarter","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/tether-reports-5b-reserve-excess-after-making-more-profit-than-goldman-sachs-last-quarter\/","title":{"rendered":"Tether reports $5B reserve excess after making more profit than Goldman Sachs last quarter"},"content":{"rendered":"

Stablecoin issuer Tether<\/a> boasted gains of approximately $2.85 billion during the fourth quarter of last year. The performance led to more profit than Wall Street giant Goldman Sachs, Bitwise chief investment officer Matt Hougan highlighted<\/a>\u00a0on X.<\/p>\n

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Goldman Sachs reported<\/a> a profit of $2.01 billion in the last three months of the previous year, while\u00a0Tether's Q4 report<\/a> revealed that its profits comprised $1 billion from U.S. Treasury bills and $1.85 billion from holdings in Gold and Bitcoin<\/a>.<\/p>\n

This remarkable performance can be attributed to the surge in the crypto market, driven by the enthusiasm surrounding the spot Bitcoin exchange-traded fund (ETF) between October and December 2023. During this period, Bitcoin's value skyrocketed<\/a> to over $42,000 from around $27,000, coinciding with Tether's USDT supply rising<\/a> to nearly 92 billion from approximately 83 billion tokens.<\/p>\n

Observers noted<\/a> that the increased demand for Tether's fiat-backed stablecoin signaled a growing interest from institutional investors entering the market. CryptoSlate's<\/em> data shows that Tether's USDT supply has risen to $96.2 billion as of press time.<\/p>\n

However, despite its impressive performance, Tether's overall profit for the year was $6.2 billion, notably lower than Goldman Sachs's earnings of $8.52 billion.<\/p>\n

Meanwhile, Paolo Ardoino<\/a>, Tether's CEO, emphasized<\/a> that these substantial profits emphasize the company's financial strength throughout the year.<\/p>\n

“The substantial net profits generated not only in the last quarter of the year but throughout the year, amounting to $6.2 billion, showcases our financial strength,” Ardoino said.<\/p><\/blockquote>\n

Goldman Sachs, a globally renowned investment banking firm, holds the status of the second-largest investment bank in the world by revenue and is recognized as a systemically important financial institution by the Financial Stability Board.<\/p>\n

Over $5 billion in excess reserves<\/h2>\n

The substantial profit margin enabled Tether to bolster its excess reserves to $5.4 billion. Of this, $640 million was allocated to various project investments, including sustainable energy, Bitcoin mining, AI infrastructure, and P2P communications. Tether does not consider these investments part of its reserves.<\/p>\n

\"Tether
Tether Attestation (Source: Tether)<\/figcaption><\/figure>\n
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“Our investments in sustainable energy, Bitcoin mining, data, AI infrastructure, and P2P telecommunications technology illustrate our commitment to a more sustainable and inclusive financial future,” Ardoino explained.<\/p>\n<\/blockquote>\n

BDO Italia, a prominent global accounting firm conducting Tether's attestations, verified that the stablecoin's excess reserves entirely covered its $4.8 billion in outstanding unsecured loans. Tether highlighted its achievement in eliminating the risk of secured loans from its token reserves.<\/p>\n

As of December 31, 2023, Tether's held assets were valued at $98.47 billion, with liabilities amounting to $91.59 billion.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Stablecoin issuer Tether boasted gains of approximately $2.85 billion during the fourth quarter of last year. The performance led to more profit than Wall Street giant Goldman Sachs, Bitwise chief investment officer Matt Hougan highlighted\u00a0on X. 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