Tether has announced an excess reserve of $4 billion in stablecoins. Paolo Ardoino, the head of the stablecoin issuer, reflected on the year 2023, expressing anticipation for the upcoming year, during which the company plans to launch several new projects.
Tether has announced an excess reserve of $4 billion in stablecoins. Paolo Ardoino, the head of the stablecoin issuer, reflected on the year 2023, expressing anticipation for the upcoming year, during which the company plans to launch several new projects.
Over the course of 2023, Tether, the issuer of the largest stablecoin USDT, has increased the excess reserves of its coins to approximately $4 billion, as stated by Paolo Ardoino, the CEO of Tether, in a social media post. This figure is $800 million higher than the auditor’s estimate at the end of the third quarter of this year, which was $3.2 billion.
Summing up the year, Tether’s CEO noted in his message that during the last quarter, the market value of USDT “set record highs almost every day,” reaching $91 billion. According to CoinGecko, as of December 27, the stablecoin’s market capitalization is $91.5 billion, marking the all-time high for the token launched in 2015.
Ardoino also highlighted that in recent years, Tether has become a co-founder of several projects and supported various companies. This was achieved without utilizing the reserves of stablecoins but rather through a portion of the company’s profits, clarified its CEO.
Among other things, he recalled the deal with the German mining company Northern Data, which, according to him, reflects the “vision of Tether for artificial intelligence infrastructure.” Under the agreement, the company is expected to spend around $420 million on 10,000 graphics processors and exchange them for a 20% stake in Northern Data. The latter plans to lease these video cards to AI startups.
Ardoino also noted that Tether Energy is investing significant funds in building mining platforms in emerging markets and developing the Moria P2P/IoT platform for monitoring, analysis, and optimization of operations.
Tether holds over 57,000 bitcoins on its balance sheet. In early December, it was revealed that Tether’s unrealized profit from bitcoin (BTC) investments at that time amounted to $1.1 billion.