•Tether, a stablecoin issuer, released its Q4 attestation report on Thursday, February 9th.
•The report revealed that the company had a net profit of $700 million in Q4 2022.
•The reported profit is an addition to the company’s reserves and part of shareholder equity.
Tether Reports $700 Million Net Profit in Q4 2022
Stablecoin issuer Tether published its latest attestation report on Thursday, February 9th. The report revealed that the company had a net profit of $700 million in the fourth quarter of 2022. This profit is in addition to the company’s reserves and part of shareholder equity.
What Was Reported In The Attestation Report?
According to the attestation report, Tether’s consolidated assets exceeded its liabilities as of December 31st, 2022. The consolidated total assets amounted to at least $67 billion while its consolidated total liabilities totaled up to $66 billion—reflecting excess reserves of at least $960 million. Furthermore, Tether pledged to stop issuing secured loans from its reserves earlier this year.
Comment From Tether On Latest Cryptocurrency News
Commenting on this news, Tether said; „Tether’s reserves remain extremely liquid, with the majority of its investments being held in cash, cash equivalents, and other short-term deposits.“ In addition, Tether CTO Paolo Ardoino further commented; „Tether once again proved its stability in the troubled year of 2022.“ He added; „Not only were we able to smoothly execute over $21 billion dollars in redemptions during the chaotic events of the year,“ but they also issued over „$10 billion USDT“ which shows continued organic growth and adoption for their platform.
Accountability & Transparency Of Stablecoin Issuer
The attestation was conducted by accounting firm BDO which further reiterates accountability and transparency from stablecoin issuers like Tether when it comes to finances and reports related to them. This is also first time that Tether has disclosed their profits figures though they have not mentioned how exactly they made these profits yet.
To conclude, despite 2020 being a difficult year for many businesses due to pandemic-induced economic downturns including cryptocurrency trading markets—Tether managed to sustain itself with strong financials even through bearish market conditions as evidenced by their latest attestation report published on February 9th 2021 revealing a net profit of $700 million made during Q4 2021 alone!