Tether, the crypto company behind the largest stablecoin USDT, said on Friday it generated $13 billion group-wide net profits last year in a record-breaking year.
Some $7 billion of the profits derived from the firm’s vast U.S. Treasuries and repo holdings, and $5 billion from unrealized appreciation of the company’s gold and bitcoin (BTC) holdings. Other investments contributed $1 billion.
According to the company’s latest quarterly attestation signed by accounting firm BDO Italy, the group’s stablecoin issuer arms Tether International Limited and Tether Limited disclosed $143.7 billion of assets in reserve against $136.6 billion in liabilities, adding up to $7 billion of excess reserves backing its stablecoins. Treasury bills in the reserve rose to $94.5 billion.
The group also increased its bitcoin holdings last quarter for the first time since March, holding nearly 84,000 BTC worth about $7.8 billions as of year-end, according to…
