Is Tether the best business model ever? How many employees were there in total who earned a profit of 2.85 billion? Oh my God!

Stablecoin issuer Tether saw a “record” net profit surge in the fourth quarter of 2023, reaching $2.85 billion, CryptoPotato reported. About $1 billion of that profit came from net operating income, primarily from interest on U.S. Treasury securities, with the remainder primarily from the appreciation of gold and Bitcoin reserves. Notably, excess reserves increased significantly, reaching an all-time high of $5.4 billion, with another $640 million earmarked for strategic investments in various projects including mining, AI infrastructure, and P2P telecommunications. Tether’s fourth-quarter audit report signed by BDO Italy also revealed that secured loan risk has been removed from its token reserves, addressing community concerns. Although overcollateralization is common for such secured loans, Tether has accumulated enough excess reserves to cover the entire exposure. This is in response to past community concerns about this portion of the portfolio. Tether’s core business is managing the USDT stablecoin, which contributed significantly to the company’s net profit of $6.2 billion in 2023. About $4 billion of those profits came from investments in U.S. Treasuries, reverse repos and money market funds, demonstrating a successful diversification effort, the report showed. Tether CEO Paolo Ardoino said in an official statement: "Tether's fourth quarter audit report highlights our commitment to transparency, stability and responsible financial management. Achieving the highest ratio of cash and cash equivalent reserves reflects our commitment to Dedication of Liquidity and Stability.” In the fourth quarter, Tether increased its total Bitcoin holdings to approximately 66,465 Bitcoins, currently worth approximately $2.8 billion, by purchasing an additional 8,888 Bitcoins. The report comes as USDT’s market capitalization has risen significantly and now stands at just over $96 billion.