• Tether, a stablecoin issuer, has reported a net profit of $700 million in the fourth quarter of 2022.
• The profits are in addition to their reserves and have been attested by the accounting firm BDO.
• The company’s total assets exceeded its liabilities as of December 31st, 2022.
Tether Reports Profits for Q4 2022
Stablecoin issuer Tether recently published its latest attestation report for the fourth quarter of 2022. The report revealed that the company had recorded a net profit of $700 million during this period. This is in addition to their reserves and was attested by accounting firm BDO.
Consolidated Assets and Liabilities
The report also revealed that Tether’s consolidated total assets amounted to at least $67.04 billion while its consolidated total liabilities amounted to $66.08 billion as of December 31st, 2022. This reflects excess reserves of at least $960 million which is part of shareholder equity and not part of their reserves.
No Disclosure on Profit Sources
While commenting on this latest cryptocurrency news, Tether CTO Paolo Ardoino said; “Tether once again proved its stability in the troubled year of 2022” but did not reveal how it made these profits or where they came from.
Ceasing Secured Loans from Reserves
This report comes barely two months after Tether pledged to stop issuing secured loans from its reserves as part of an effort to maintain liquidity and improve transparency across all operations.
Conclusion
In conclusion, Tether reported a net profit of $700 million for Q4 2021 which is additional capital sitting in the company to further strengthen it amidst turbulent times in the cryptocurrency market throughout 2020-2022