Tether, the issuer of the stablecoin USDT, recently published a financial report for the fourth quarter of 2023. According to the report, Tether's net profit for this period amounted to $2.9 billion, and excess reserves reached $5.4 billion. The company's operating profit for the quarter was about $1 billion, largely due to investments in U.S. Treasury bonds.

The company also actively invested in the development of artificial intelligence infrastructure and P2P communications, using part of its excess reserves. By the end of the year, the company's unsecured loans were fully covered, made possible by the growth of excess reserves.

In the fourth quarter of 2023, Tether also acquired nearly 8,900 BTC coins, increasing its holdings to 66,465 bitcoins, valued at approximately $2.8 billion. Tether's consolidated reserves as of December 31, 2023, amounted to at least $97 billion, including Treasury bonds, gold, and reserves in U.S. dollars. The company's liabilities related to the issuance of USDT amounted to $91.6 billion, indicating that the issued coins are 90% backed by cash, precious metals, and government securities.

Tether's head, Paolo Ardoino, emphasized the company's commitment to transparency and responsible financial risk control, noting that the company successfully passed an audit at the end of last year.