Tether has released its Q4 proof of reserves report. From a financial performance perspective, Q4 net profit reached a historical high of $2.85 billion, of which approximately $1 billion (mainly from US Treasury interest) came from operating net profit, and the rest mainly came from the appreciation of gold and Bitcoin reserves. Excess reserves reached a historical high, increasing by $2.2 billion to a total of $5.4 billion, with the remaining $640 million invested in various strategic projects (such as mining, AI infrastructure, P2P telecommunications, etc.). The group's net profit for 2023 is expected to be $6.2 billion, of which approximately $4 billion will come from net operating profit generated by US Treasury bonds, reverse repurchase agreements, and money market funds, with the rest coming from the performance of other asset categories.