Record Profits for Tether Driven by Treasury Holdings
Tether's Q4 2023 net profit hits $2.85 billion, driven by U.S. Treasury interest. Annual profits reach $6.2 billion, showcasing crypto prominence.
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Tether's Q4 2023 net profit hits $2.85 billion, driven by U.S. Treasury interest. Annual profits reach $6.2 billion, showcasing crypto prominence.
Tether Treasury's substantial transfer of USDT tokens to Bitfinex, valued at $229,956,875, has stirred interest within the crypto community. As the market reacts to Bitcoin's recent swings and Tether's significant move, the impact on overall market dynamics remains to be seen.
Tether Treasury transfers $182 million USDT to an unknown 'whale', with total transactions now at $2 billion, maintaining market stability.
Tether, which is the largest stablecoin issuer by market capitalization, added its offshore Chinese Yuan (CNHT) to the Tron network.
The firm had said it plans to bring its commercial paper holdings to zero by the end of the year.
With a peso-backed stablecoin, Tether is essentially “recreating the foreign exchange market with a Tether product,” Ardoino said.
Although the protocol offers a lucrative 4% annual yield, it is currently only available to accredited investors.
Though the protocol offers an arguably lucrative yield of 4% per year, it's only available to accredited investors as of now.
The total USDC supply on Ethereum has surpassed that of Tether, making the USDT supply on Ethereum second for the first time.