Introduced as we speak, Tether, the main stablecoin issuer, has emerged with a sturdy stability 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 offers a complete evaluation of Tether’s monetary standing, together with extra data on its Bitcoin holdings. Tether, recognized 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 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 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.
