- Tether has reported 700 Million Dollar in the fourth quarter of 2022 in a report on its website
- Tether currently no longer holds any commercial paper or any short-time unsecured loan and has met its deadline.
Tether is one of the largest issuers of the stablecoin USDT which is the largest by its market value. USDT is a stablecoin that is pegged to the value of the Dollar. Tether offers the benefits of fast and low-cost transactions while eliminating the volatility of the crypto. Tether has proved itself useful for businesses and individuals. Tether is currently present in various blockchains like Algorand, OMNI, Avalanche, and various others. It came under a lot of scrutinies when the TerraUSD collapsed. Various people started to doubt them and started questioning them. Tether has given a reply to their haters by showing a great profit to their investors. Tether first released the breakdown of its reserves in MAY 2021. It revealed that 49% of their assets were backed by commercial paper. Tether has seen a subsequent decline in its commercial paper holdings and short-term bonds. Tether has ended 2022 with the Zero commercial paper. They have also reported a strong profit in the fourth quarter of 2022.
USDT has a market cap of $68 Billion and is currently ranked 3rd in the crypto-verse. Tether sees a major volume from the centralized exchange than DEX.
Tether Stands Still Against BlackSwan Events
Tether released the BDO assurance opinion on FEB/9/2023 which has reaffirmed the accuracy of the CRR report. The report was issued by the top five ranked global independent accounting firms. The CRR has shown that the consolidated assets have exceeded their liabilities. Tether has ended 2022 with zero commercial paper. Their reserves remain with extreme liquidity and can face any events. Their report demonstrates a $300 Million reduction in secured loans and has added more than $700 million in profit to their reserves. They have the highest percentage to date assets which are allocated in Treasury bills with 58% exposure.
Paolo Adrino the CTO of Tether has come to Twitter and said that they have an “impressive resilience “ to black swan events that have hit in 2022. They were able to smoothly execute over $20 Billions in redemptions during the bear market. The group’s consolidated assets are $ 67 billion and have liabilities of $66 Billion. Tether is currently on its way to becoming the largest company in the world while providing better services to their customer.
Conclusion
Tether has made itself resilient against the black swan events. They ended the year 2022 with zero commercial paper. They have also posted a net profit of $700 Million. Tether profit currently has broken various milestones and may break more in the future.
Source: https://www.thecoinrepublic.com/2023/02/09/tether-books-profit-of-700-million-exceeds-the-expectations/