The latest attestation report of global accounting firm BDO backs up stablecoin issuer Tether’s claim that it finally eliminated commercial paper holdings from its reserve in Q4 of 2022.
BDO’s independent accountant report, which was released on February 8th, reviewed Tether’s Consolidated Reserves Report (CRR) as of Dec. 31, 2022.
The report affirms the accuracy of the CRR, which shows that the company has zero commercial paper holdings and has at least $67 billion in consolidated total assets, which surpasses its liabilities amounting to a little over $66 billion.
The CRR also shows that Tether reduced its secured loans by $300 million and increased its allocation for US Treasury Bills, which now make up 58% of its assets.
“In our opinion, the CRR prepared by the management of the Group as of 31 December 2022, is in all material respects, fairly presented in accordance with the criteria, including Management’s Key accounting Policies, set out therein.”
Tether CTO Paolo Ardoino says the company also managed to generate more than $700 million in net profits despite the crypto winter that saw the downfall of other firms in the industry in Q4 2022.
“Tether demonstrated a superior approach to risk management that allowed [it] to maintain its leadership, while consolidating profits. Having a safe, conservative and profitable business that doesn’t require begging for funds from VCs has been always primary focus of Tether.”
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Source: https://dailyhodl.com/2023/02/10/top-stablecoin-tether-usdt-reports-700000000-profit-and-zero-commercial-paper-holdings-in-q4/