Leading stablecoin issuer Tether announced today that it has a strong balance sheet with over $2.8 billion in Bitcoin. This information came to light after an audit by the well-known audit firm BDO, and was detailed in the official audit report.
The audit report provides a comprehensive analysis of Tether’s financial position, including more information about its Bitcoin holdings. Tether, best known for its stablecoin USDT, has been playing a huge role in the cryptocurrency market, facilitating transactions and maintaining a peg to the U.S. dollar.
“At Tether, we are looking forward to a great 2024, with many new projects and products coming online,” said Paolo Ardoino, CEO of Tether. “I am very excited about Tether’s expansion. Although Tether is mainly known for one product (USDT) , but the company is becoming an investor and infrastructure builder in many strategic areas, from artificial intelligence to P2P telecommunications, from Bitcoin mining to renewable energy production.”
The company also made $2.85 billion in profits last quarter, about $1.85 billion of which came from its gold and Bitcoin holdings. For the whole of 2023, Tether made a profit of $6.2 billion.
