Tether reports $6.2 billion profit in 2023

Stablecoin issuer Tether reported a “record-breaking” $2.85 billion of profits last quarter as its flagship token USDT neared a $100 billion market capitalization.

$1 billion of the profit came from the interest earned on the company’s vast U.S. Treasury. The rest came “primarily” from appreciation of Tether’s other investments such as Bitcoin (BTC) and gold.