Tether Pockets Profits of $700M in Q4 2022

Tether Holdings Limited, the provider of the world’s largest stablecoin, has released its December 31, 2022, assurance opinion completed by BDO, a leading global independent public accounting firm. The report reconfirms the accuracy of Tether’s Consolidated Reserves Report (CRR) and highlights the company’s commitment to transparency.

Tether’s Latest Consolidated Reserve Report

The CRR shows that the company ended the year with a consolidated total of at least $67 billion in assets and excess reserves of at least $960 million. Its reserves remain extremely liquid, with the majority of investments being held in cash, cash equivalents, and short-term deposits.

The report also highlights a $300 million reduction in secured loans and a net profit of over $700 million added to Tether’s reserves in the fourth quarter of 2022.

The company’s investments in US Treasury Bills also reached a record high, with direct exposure of over 58%. The attestation confirms that Tether’s consolidated assets once again exceed its consolidated liabilities. “With the presentation of this latest consolidated reserve report, Tether continues to deliver on our promise to lead the industry in transparency,” said Paolo Ardoino, CTO of Tether. 

The company smoothly executed over $21 billion in redemptions during the turbulent events of 2022 and issued over $10 billion of USD₮, indicating continued growth and adoption. It generated over $700 million in profits in the last quarter, adding to its reserves.

However, the company is determined to continue setting a positive example for the crypto industry and rebuilding trust. Ardoino further said:

We are proud of how Tether has continued to be a driving force in rebuilding trust within the crypto industry, and we are determined to continue to set a positive example for our peers and competitors alike.

The company’s management states that as of December 31, 2022, its consolidated total assets amount to at least $67 billion, and its consolidated liabilities amount to $66.1 billion, with the majority of liabilities related to digital tokens issued. Its consolidated assets once again exceed its consolidated liabilities, demonstrating its stability and resilience.

Nevertheless, despite this, Ardoino asserts that:

We are proud of how Tether has continued to be a driving force in rebuilding trust within the crypto industry and we are determined to continue to set a positive example for our peers and competitors alike.

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