Announced today, Tether, the leading stablecoin provider, has actually emerged with a robust balance sheet showcasing ownership of over $2.8 billion in Bitcoin. The details emerges following an audit carried out by BDO, a popular auditing company, as comprehensive in the main auditor’s report.
The audited report supplies a thorough analysis of Tether’s monetary standing, consisting of more details on its Bitcoin holdings. Tether, understood for its stablecoin USDT, has actually regularly played a huge function in the cryptocurrency market, helping with deals and keeping a peg to the United States Dollar.
“At Tether, we look forward to great 2024, with many new projects and products ready to come alive,” stated 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 business also had a $2.85 billion revenue for last quarter, of which about $1.85 billion originated from gold and bitcoin holdings. For all of 2023, Tether accomplished an earnings of $6.2 billion.
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