Tether’s audit report shows its Bitcoin holdings are over $2.8 billion.
Announced today, leading stablecoin issuer Tether emerges with a strong balance sheet showing Bitcoin ownership of over $2.8 billion. This information was uncovered through an audit conducted by renowned audit firm BDO, as detailed in the official audit report.
The audit report provides a comprehensive analysis of Tether’s financial position, including additional information about its Bitcoin holdings. Tether, famous for its stablecoin USDT, has continued to play a big role in the cryptocurrency market, facilitating trading and maintaining a peg to the US dollar.
“At Tether, we look forward to a great 2024, with many new projects and products ready to go live,” said Tether CEO Paolo Ardoino. “I’m really excited about Tether’s expansion. Although Tether is primarily known for one product (USDT), the company is an investor and infrastructure provider in a variety of strategic sectors, from AI to peer-to-peer communications, Bitcoin mining to renewable energy production. Becoming a builder.”
The company also earned $2.85 billion in revenue last quarter, about $1.85 billion of which came from its gold and Bitcoin holdings. In 2023 alone, Tether achieved revenue of $6.2 billion.
