The stablecoin issuer saw “record-breaking net profit” in the last quarter of 2023, primarily due to earnings from U.S. Treasury securities.
Tether Holdings Limited, the company behind the stablecoin Tether (USDT), has generated “a record-breaking net profit” in the last quarter of 2023, driven by Treasury interest and a strong performance from other assets.
According to Tether’s attestation report on Jan. 31, the company recorded a net profit of $2.85 billion in the fourth quarter of 2023, including up to $1 billion in net interest from U.S. Treasury securities. Gold and Bitcoin (BTC) reserves contributed to the remaining balance.
An analysis from Zippia shows Tether employs 125 people, bringing the net profit per employee to $22.8 million in the last quarter.
