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Tether Holding published a report for the 4th quarter of 2023 showing the financial situation of the company. According to the report, Tether reached a reserve exceeding 97 billion dollars and completed 2023 with a net profit of 6.2 billion dollars.

Tether The Holding expressed its views on the report covering the fourth quarter of 2023 published by the world-famous independent audit firm BDO. This report revealed the accuracy of Tether’s Consolidated Reserves Report (CRR) and presented a detailed breakdown of the assets held by the group as of December 31, 2023.

While a record profit of $2.85 billion was achieved in terms of financial performance in the fourth quarter, approximately $1 billion of this amount came from net operating profit and the rest came from the evaluation of Gold and Bitcoin reserves. Excess reserves reached 5.4 billion dollars, the highest increase of all time.

The remaining $640 million was spent on various strategic projects. It was also stated that these will be kept under a newly separated VC umbrella and will be excluded from the consolidated reserves report.

Therefore, it became clear that the investments made did not have any impact on the token reserves and will not have it in the future. As confirmed in the BDO report published at the end of the year, outstanding secured loans secured by highly liquid assets were covered by retained earnings, known as excess reserves.

Tether also announced that it had achieved its goal of removing collateralized credit risk from its token reserves. Although such secured loans are usually secured, the company has accumulated excess reserves sufficient to cover the entire risk. This was in response to concerns the community has expressed in the past.

Tether

Net profit for 2023 was 6.2 billion dollars

While Tether’s net profit for 2023 was 6.2 billion dollars, approximately 4 billion dollars of the profit consisted of net operating profits from US Treasury bonds, Reverse Repo and Money Market Funds, and the remainder was obtained from the performance of other asset classes.

Tether also continued to receive positive contributions from all asset classes, especially Gold, Bitcoin and other investments. The group achieved new records for both direct and indirect ownership of US Treasury securities, with assets of $80.3 billion. In keeping with its commitment to transparency and stability, Tether has issued tokens backed by an impressive 90 percent of cash and cash equivalents, underscoring its commitment to maintaining liquidity in the stablecoin ecosystem.

Reserve surplus reached 5.4 billion dollars

In its statement as of December 31, 2023, the company management stated that the consolidated total assets of the group amount to at least 97 billion 20 million 394 thousand 556 dollars. In addition, the consolidated total liabilities of the group are 91 billion 597 million 732 thousand 663 dollars, of which 91 billion 572 million 956 thousand 801 dollars are related to the issued digital tokens. In other words, according to this data, the group’s consolidated assets exceed its consolidated liabilities.

Having accumulated a reserve surplus of $5.4 billion as of December 31, 2023, Tether has covered all of the ~$4.8 billion secured loans included in USDT reserves.

On the other hand, Tether; It does not include investments in areas such as sustainable energy, Bitcoin mining, data, artificial intelligence infrastructure and P2P telecommunication technology in the reserve calculation. These investments, which reached 642 million 551 thousand 135 dollars in the 4th quarter of 2023, reached 1 billion 452 million 205 thousand 608 dollars throughout the year.

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Crypto

Bitcoin Exceeds $1 Trillion Market Cap

The total value of the cryptocurrency market reached 1.89 trillion dollars with the rise in the market; Bitcoin’s market value increased to $1.02 trillion and Ethereum’s market value increased to $334 billion.

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The total value of the cryptocurrency market reached 1.89 trillion dollars with the rise in the market; Bitcoin’s market value increased to $1.02 trillion and Ethereum’s market value increased to $334 billion.

With court order, Genesis may sell $1.3 billion worth of shares in Grayscale’s GBTC fund

Court, allowed Genesis Global Holdco LLC to sell 35 million shares in Grayscale’s GBTC fund for $1.3 billion. Judge Sean Lane announced that Genesis could convert these shares into Bitcoin or cash. Genesis, a subsidiary of Digital Currency Group (DCG), also plans to sell 11 million shares in its Grayscale Ethereum Trusts fund for over $200 million. DCG attempted to delay the sale before the court approved the debt payment plan. DCG stated that it was not against the sale, but that the sale could happen early if the court plan was rejected.

Big Bitcoin transfer

Popular Layer 2 solution Starknet announces STRK token distribution plan to 1.3 million wallets

Starknet Foundation announced its plan to distribute STRK tokens to approximately 1.3 million wallets. Owners of these wallets, including early dapp users and network contributors, will receive rewards. Distribution will begin on February 20 and users will be able to request it until June 20. A total of 700 million STRK tokens will be distributed, accounting for 7% of the total supply. STRK Token aims to make STARK-based scaling more decentralized. The Foundation wants to encourage community participation in the management of the network.

DeFi lender Moonwell offers USDC lending across Ethereum

The Moonwell platform now lets you lend and borrow USDC coins from different Ethereum networks in one place, thanks to its USDC Anywhere tool. Moonwell can detect USDC in users’ wallets and transfer them to the Moonwell platform. In this way, USDC usage is facilitated within the entire Ethereum ecosystem without the need for manual transfers between wallets and networks. Bitcoin Exceeds $1 Trillion Market Cap.

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Crypto

Bitcoin hits new resistance level before $52,000

Bitcoin is trading at $48,200 with a 13% increase since last week, while Ethereum is trading at $2,500 with a 10% increase.

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Bitcoin is trading at $48,200 with a 13% increase since last week, while Ethereum is trading at $2,500 with a 10% increase.

Bitcoin ETFs reached $10 billion in asset management volume in a month after approval. Nine ETFs stood out with net inflows of $2.7 billion on Jan. 9, led by BlackRock’s iShares Bitcoin Trust.

Fidelity’s Wise Origin Bitcoin Fund manages $3.4 billion worth of BTC. ARK 21Shares Bitcoin ETF has achieved billion-dollar success with its $1 billion portfolio. Grayscale Bitcoin Trust has experienced an outflow of $6.3 billion in the last 30 days.

Bitcoin’s price consolidated above technical support levels in January, gaining 0.6% to $42,585, according to analysis from ARK Invest. ARK Invest believes that Bitcoin is replacing gold and its role in financial markets is increasing.

According to the analysis, the price of Bitcoin has increased twentyfold in the last 7 years compared to gold. The asset manager predicts that Bitcoin will remain resilient if inflation decreases and real interest rates rise.

Bitcoin step of the giant company

FTX plans to sell Digital Custody for $500 thousand during bankruptcy process

FTX plans to sell its Digital Custody (DC) company, which is in bankruptcy process, to CoinList for $10 million to $500 thousand. Although FTX acquired DC for FTX US and LedgerX, it went bankrupt before the integration was completed.

The company attributes the reason for selling DC to the fact that FTX US has not yet been launched and DC is no longer valuable. The prominent offer for the sale came from CoinList, funded by Terence Culver.

FTX emphasizes that it is pursuing a restructuring plan focused on full payment to customers. However, users oppose the company’s valuation of cryptocurrency deposits at 2022 prices and demand intervention.

Ethereum gas fees reach 8-month high

Ethereum Gas fees on the network have reached an eight-month high amid a burst of interest around a new, unofficial token standard called ERC-404.

On February 9, Ethereum gas prices rose as high as 70 gwei ($60) for a standard transaction. ERC-404 refers to an experimental standard that aims to connect ERC-721 NFTs to ERC-20 tokens.

This wave, initiated by the Pandora project, brought over $600 million in transaction volume and over 6,100% gains in the last 6 days. While the increase in Ethereum gas fees with the popularity of ERC-404 draws attention, the developers of the project state that they focus on reducing gas costs.

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The investment information, comments and recommendations contained herein are not within the scope of investment consultancy. Investment consultancy services are offered individually, taking into account people’s risk and return preferences. The content, comments and recommendations contained herein are of a general nature and are not guiding in any way. These recommendations may not suit your financial situation and risk and return preferences. Therefore, making an investment decision based solely on the information contained herein may not produce results that meet your expectations.

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Crypto

Criminals Are Increasingly Turning to Crypto Assets

According to the report published by the US Treasury Department, criminals and fraudsters are increasingly turning to crypto assets. The 2024 National Risk Assessments Report highlights the threats of illicit financial activities in the United States.

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According to the report published by the US Treasury Department, criminals and fraudsters are increasingly turning to crypto assets. The 2024 National Risk Assessments Report highlights the threats of illicit financial activities in the United States.

To the report According to reports, malicious actors are laundering illicit funds using cryptocurrencies as well as cash. The Treasury plans to share a strategic plan with solution suggestions soon.

The money laundering report noted that although the proceeds from the drug trade were cash-based, the use of virtual assets was a concern for US law enforcement and virtual assets were volatile but recovered in the fall of 2023.

crypto-

While it is emphasized that virtual asset service providers must comply with the regulations, it is stated that many services of decentralized finance (DeFi) do not comply with the regulations. It is stated that criminals target DeFi and online games, and online games pose unique money laundering risks.

The terrorist financing report states that terrorists have adapted to technology but also stick to the methods they know. and the content, comments and recommendations are of a general nature and are not of a guiding nature in any way. These recommendations may not suit your financial situation and risk and return preferences. Therefore, making an investment decision based solely on the information contained herein may not produce results that meet your expectations.

Both verbal and visual cryptocurrency information within the scope of this report that you have accessed has been compiled in good faith from the first accessible sources and for the sole purpose of obtaining information without creating any guarantee or warranty regarding its accuracy, validity, effectiveness, in short, as a basis for any decision in any form or manner. .

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