{"id":239156,"date":"2024-01-31T23:10:10","date_gmt":"2024-01-31T17:40:10","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=239156"},"modified":"2024-01-31T23:10:10","modified_gmt":"2024-01-31T17:40:10","slug":"tether-prints-10-of-jpmorgans-earnings-new-report-shows-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/tether-prints-10-of-jpmorgans-earnings-new-report-shows-crypto-news\/","title":{"rendered":"Tether Prints 10% of JPMorgan’s Earnings, New Report Shows – Crypto News"},"content":{"rendered":"

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According to the latest Tether earning report for the fourth quarter of 2023, the firm recorded $2.85 billion in profit. The report, prepared by global auditing firm BDO shows that this net profit is now 10% of JPMorgan\u2019s earnings according to an observation made by Messari founder and CEO, Ryan Selkis.<\/span><\/p>\n

Tether Earnings Breakdown<\/strong><\/h2>\n

Paolo Ardoino, Tether\u2019s CEO who also doubles as Bitfinex\u2019s CTO, posted more details of the Tether earnings report.\u00a0<\/span><\/p>\n

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The $2.85 billion profit for the quarter brings Tether\u2019s total profit for 2023 to $6.2 billion. Of the Q4 2023 profit, $1 billion was in net operating profit tied mainly to US Treasury Bills\u2019 interests while approximately $1.85 billion was from its gold and Bitcoin holdings.\u00a0<\/span><\/p>\n

In addition to the recorded Tether earnings, the firm also set a new all-time-high increase in excess reserves backing its tokens in circulation.\u00a0<\/span><\/p>\n

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Tether Q4\/2023 attestation is out.<\/p>\n

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My summary:<\/p>\n

\u2013 profit for the quarter: $2.85B, of which ~$1B in net operational profit (mainly US t-bill interests), ~$1.85B from gold and #bitcoin<\/a> holdings.<\/p>\n

\u2013 total profit for 2023: $6.2B.<\/p>\n

\u2013 cash & cash equivalents cover now 90% of all\u2026 https:\/\/t.co\/AXjDw33QTc<\/a><\/p>\n

\u2014 Paolo Ardoino \ud83c\udf50 (@paoloardoino) January 31, 2024<\/a><\/p>\n<\/blockquote>\n

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Notably, the profit pushed the firm\u2019s excess reserves by $2.2 billion to a total of $5.4 billion. The other parts of the funds were invested in project investments like mining, Artificial Intelligence (AI) infrastructure, and P2P communications, but Tether does not regard them to be part of its reserves.<\/span><\/p>\n

Tether is Advancing on Different Levels<\/strong><\/h2>\n

The Tether ecosystem has faced intense scrutiny that questioned the validity of its reserve. However, in recent times the firm has been receiving validation from protocols that attest to its reserve. Howard Lutnick, the Chairman and CEO of American Financial Services firm, Cantor Fitzgerald recently <\/span>attested to the validity of Tether reserves<\/span><\/a>.<\/span><\/p>\n

Generally, the USDT issuer has made giant strides in the last few months which has contributed to its growing popularity. A few days ago, Tether <\/span>minted an additional $1 billion in\u00a0USDT tokens<\/span><\/a>\u00a0on the Tron blockchain. Ardoino noted that the minting operation\u00a0is aimed at future requirements rather than immediate circulation.\u00a0<\/span><\/p>\n

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Since last year, the firm has itemized its huge multi-year mining strategy with the plan to become one of the largest Bitcoin miners in the long run. <\/span>Tether mapped out a three-year mega plan<\/span><\/a>\u00a0for its\u00a0Bitcoin\u00a0mining\u00a0venture, a move that has gained momentum as it involves investing up to $500 million into the sector until 2025.<\/span><\/p>\n

Similarly, the firm is looking into the construction of crypto-mining sites and would likely purchase stakes in other companies.<\/span><\/p>\n

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\u2713 Share:<\/p>\n

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter<\/a>, Linkedin<\/a> <\/p><\/div>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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According to the latest Tether earning report for the fourth quarter of 2023, the firm recorded $2.85 billion in profit. The report, prepared by global auditing firm BDO shows that this net profit is now 10% of JPMorgan\u2019s earnings according to an observation made by Messari founder and CEO, Ryan Selkis. Tether Earnings Breakdown Paolo […]<\/p>\n","protected":false},"author":2,"featured_media":239157,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-239156","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/239156","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=239156"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/239156\/revisions"}],"predecessor-version":[{"id":239159,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/239156\/revisions\/239159"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/239157"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=239156"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=239156"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=239156"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}