• Tether recently published its Q4 attestation report, revealing a net profit of $700 million in the quarter.
• This is in addition to the company’s reserves, and the report was attested by accounting firm BDO.
• Tether’s consolidated total assets amounted to at least $67.04 billion as of Dec. 31, 2022, with excess reserves of at least $960 million reported.
Tether Reports $700 Million Net Profit
Stablecoin issuer Tether recently published its fourth quarter attestation report for 2022, revealing a net profit of $700 million for the period. This comes in addition to the company’s reserves and was attested by accounting firm BDO.
Consolidated Assets
As of December 31st 2022, Tether’s consolidated total assets amounted to at least $67.04 billion with excess reserves of at least $960 million reported. The company stated that it holds its majority investments in cash, cash equivalents and other short-term deposits which remain liquid throughout the year despite ongoing bear market conditions.
Ending Secured Loans
This news comes just two months after Tether pledged to stop issuing secured loans from its reserves after their December report was released. A company spokesperson commented on this decision saying “It’s basically additional capital sitting in the company to further strengthen Tether.“
Comment From CTO
When commenting on this latest cryptocurrency news, CTO Paolo Ardoino said; „Tether once again proved its stability in the troubled year of 2022… Not only were we able to smoothly execute over $21 billion dollars in redemptions during the chaotic events of the year… but Tether has also issued over $10 billion USDT an indication of continued organic growth and adoption of Tether.“
Conclusion
In conclusion, this is first time that stablecoin issuer has revealed any figures regarding profit and it remains unclear how exactly these profits have been made by them but nonetheless it shows sound financial footing for such a large corporation within the cryptocurrency space.