Stablecoin company Tether disclosed a report unveiling noteworthy achievements in the final quarter of 2023, notably an augmentation in its cash reserves and quarterly profits.
It was emphasized that this quarter witnessed the highest proportion of reserves in cash and cash equivalents.
Tether Claims Large Amount of Cash Reserves
In a recent statement, it was revealed that Tether possesses total assets of around $97 million. However, its total liabilities fall approximately $5.5 million short of its assets.
“The Group’s consolidated total liabilities amount to US$ 91,597,732,663 of which US$ 91,572,956,801 relate to digital tokens issued.”
CEO Paolo Ardoino of Tether clarified that the attainment of the highest percentage of reserves in cash and cash equivalents stems from the company’s commitment to sustaining liquidity.
In the fourth quarter of 2023, Tether held $91.6 billion in native tokens, with approximately $82.06 billion in cash and cash equivalents.
“Tether’s Q4 attestation underscores our commitment to transparency, stability, and responsible financial management. Achieving the highest percentage of reserves in Cash and Cash Equivalents reflects our dedication to liquidity and stability.”
Tether Hits Another Milestone
BeInCrypto recently reported that Tether achieved a significant milestone by printing its one billionth USDT.
The minting spree by Tether amounts to 13 billion USDT since October 20, 2023.
Read more: 7 Best Crypto Wallets to Store Tether (USDT)
Such a trend coincides with the upward price action observed in the crypto market in the last few months.
Historically, large-scale Tether minting events have been closely linked with significant price increases in Bitcoin.
The recent minting raises questions about potential volatility in the near future.
Read more: A Guide to the Best Stablecoins in 2024
Following the UN’s assertion of Tether playing a significant role in crypto crime in Southeast Asia, Tether vehemently denies the claim.
Tether argues that the UN narrowly targeted USDT’s alleged illicit use, neglecting its support for overlooked emerging economies.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Leave a Reply