Tether, the prominent stablecoin issuer, has made headlines today with the revelation of its robust balance sheet, showcasing ownership of over $2.8 billion in Bitcoin. This significant announcement comes after a thorough audit conducted by BDO, a well-known auditing firm, as detailed in the official auditor’s report.
The audited report provides a comprehensive analysis of Tether’s financial standing, shedding light on its substantial Bitcoin holdings. Tether, recognized for its stablecoin USDT, has been a key player in the cryptocurrency market, facilitating transactions and maintaining a peg to the US Dollar.
Tether CEO Paolo Ardoino expressed optimism for the year ahead, stating, “At Tether, we look forward to a great 2024, with many new projects and products ready to come alive. 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 strategic sectors, ranging from AI to P2P telecommunications, from Bitcoin mining to renewable energy production.”
The company’s financial success is evident, with a $2.85 billion profit reported for the last quarter, with approximately $1.85 billion attributed to gold and bitcoin holdings. In total, Tether achieved a profit of $6.2 billion throughout 2023.
This news underscores Tether’s position as a major player in the cryptocurrency industry, with its substantial Bitcoin holdings and profitable ventures across various sectors. The company’s commitment to innovation and diversification bodes well for its future growth and influence in the market.
For more information, the full article can be accessed at https://bitcoinmagazine.com/business/tethers-audit-report-reveals-over-2-8-billion-in-bitcoin-holdings.