- Tether’s latest audit reveals they hold over $2.8 billion in Bitcoin, providing transparency into their substantial role and reserves in crypto
- The audit shows Tether had a $2.85 billion profit in Q4 2022, with $1.85 billion from Bitcoin and gold holdings; they made $6.2 billion total profit in 2022
- Tether aims to expand through new projects in areas like AI and Bitcoin mining in 2024, while remaining focused on USDT stablecoin and crypto activities
Tether, the leading stablecoin issuer, has released the results of a recent audit showing they hold over $2.8 billion in Bitcoin. The audit provides more transparency into Tether’s substantial role in the crypto market and their sizable Bitcoin reserves.
Tether’s Profit in 2022
The audit reveals that Tether had a $2.85 billion profit in the last quarter of 2022. Around $1.85 billion of this profit came from their holdings in gold and Bitcoin. For the entirety of 2022, Tether achieved a total profit of $6.2 billion.
Tether’s Plans for 2024
In a statement, Tether CEO Paolo Ardoino shared plans for expansion in 2024 through new projects and products. While known mostly for USDT, Tether aims to become an investor and builder in areas like AI, P2P communications, Bitcoin mining, and renewable energy.
Audit Conducted by BDO
The financial information comes from an audit conducted by BDO, a well-known auditing firm. The audited report offers a comprehensive look into Tether’s balance sheet and Bitcoin reserves.
Tether’s Role in Crypto
Tether and its stablecoin USDT have consistently played a huge role in crypto by enabling transactions and maintaining its dollar peg. The latest audit and transparency into its sizable Bitcoin holdings provide further validation of its importance.
