• Tether reported a net profit of $700 million in Q4 2022, as revealed in its latest attestation report.
• The profit is in addition to the company’s reserves and was attested by the accounting firm BDO.
• Tether’s consolidated total assets exceeded its liabilities, resulting in excess reserves of at least $960 million.
Tether Reports Net Profit of $700 Million
Stablecoin issuer Tether published its latest attestation report on Thursday, February 9th revealing a net profit of $700 million for the fourth quarter of 2022. This profit is in addition to the company’s reserves and was attested by the accounting firm BDO.
Tether’s Consolidated Assets Exceed Liabilities
The report showed that Tether’s consolidated total assets amounted to at least $67.04 billion while its consolidated total liabilities amounted to only $66.08 billion, resulting in excess reserves of at least $960 million.
Tether Pledges To Stop Issuing Secured Loans
The news comes barely two months after Tether pledged to stop issuing secured loans from its reserves and this is the first time they have disclosed their profits figures, not revealing how they made their income though.
Comment From CTO Paolo Ardoino
In a statement commenting on this news, Tether CTO Paolo Ardoino said: „Tether once again proved its stability in the troubled year of 2022.“ He went on to add that „Not only were we able to smoothly execute over $21 billion dollars in redemptions during the chaotic events of the year, but Tether has, on the other side, issued over $10 billion of USDT, an indication of continued organic growth and adoption of Tether.“
Conclusion
Overall, these reports from Tether provide further insight into their operations and suggest a trend towards increased financial transparency within the crypto industry as a whole.