Audit on stablecoin issuer Tether reveals more than $2.8 billion in bitcoin holdings
Tether, the issuer of the USDT stablecoin, recently announced its Q4 2023 attestation. The audited report offers a comprehensive analysis of Tether's financial condition, including information on its bitcoin holdings.
Key audit data shows that Tether made profits in the quarter of $2.85 billion, of which $1.85 billion came from its gold and bitcoin holdings.
Cash and cash equivalents now cover 90% of all tokens issued and excess capital is $5.4 billion, i.e. retained earnings on top of the reserves Tether holds. The excess positive equity is now enough excess to eliminate the impact of collateralized loans on Tether token reserves CTO Paolo Ardoino said in his tweet.
USDT is widely considered the largest stablecoin in the cryptocurrency sector, allowing users to stay within the cryptocurrency ecosystem without having to convert back to fiat currency. The presentation of a solid balance sheet and financial data could go some way to building confidence in the issuer, which was once subject to significant scrutiny
