- Tether announced a $700 million profit in the last quarter of 2022.
- A top-ranking global accounting firm attested to the accuracy of Tether’s reserve.
- During the 2022 chaotic events, Tether processed over $21 billion.
Tether Holdings Limited, the issuer of the largest stablecoin, USDT, said it no longer holds any short-term, unsecured debt against its balance sheet after announcing a $700 million profit in a recent blog post.
In the report published today, the stablecoin issuer said it ended 2022 with zero commercial paper and at least $67 billion in consolidated total assets and excess reserves of at least $960 million. Tether also maintained that its reserves remain highly liquid, with most of its investments being held in cash, cash equivalents, and other short-term deposits.
Tether boasts a $300 million reduction in secured loans and more than $700 million net profit in the last quarter of 2022. Furthermore, Tether said it submitted its 2022 Consolidated Reserves Report (CRR) to BDO, a top five-ranked global independent public accounting firm.
BDO attested to the accuracy of the firm’s CRR, adding that its consolidated assets exceed its consolidated liabilities. As of December 31, 2022, Tether’s consolidated total assets amount to at least$ 67,044,148,175, while liabilities are lower at $66 billion.
Paolo Ardoino, Tether’s Chief Technology Officer, commented:
With the presentation of this latest consolidated reserve report, Tether continues to deliver on our promise to lead the industry in transparency. We are proud that Tether has continued to be a driving force in rebuilding trust within the crypto industry.
According to Ardoino, the stablecoin issuer smoothly executed over $21 billion in redemptions during the chaotic events of 2022.
Notably, Tether’s previous consolidated reserve report showed that the company reached a two billion dollar increase in loan issuance from December 2021.
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Source: https://coinedition.com/usdt-issuer-clears-unsecured-debt-and-profits-by-700m-in-q4-2022/