– Tether has published its latest attestation report for the fourth quarter of 2022, showing a net profit of $700 million.
– The reported profit is in addition to the company’s reserves and was attested by BDO.
– Tether CTO Paolo Ardoino commented that the company has proven its stability with over $21 billion dollars in redemptions and issuing over $10 billion of USDT.
Tether Reports Net Profit in Q4 2022
Stablecoin issuer Tether published its latest attestation report on Thursday, February 9th, revealing a net profit of $700 million in the fourth quarter of 2022. This is despite the ongoing bear market and is added to the company’s reserves. The December report was attested by accounting firm BDO and revealed that Tether’s consolidated assets exceeded its liabilities as of Dec. 31, 2022. Furthermore, consolidated total assets amounted to at least $67.04 billion while total liabilities amounted to $66.08 billion, thus reflecting excess reserves of at least $960 million.
Part Of Shareholder Equity
The reported profit is part of shareholder equity according to Tether which essentially means it’s additional capital sitting in the company to further strengthen it. This is also the first time that stablecoin issuer has disclosed such figures without revealing how it made any profits from them.
Statement From CTO Paolo Ardoino
In a statement regarding this latest cryptocurrency news, Tether CTO Paolo Ardoino said; “Tether once again proved its stability in the troubled year of 2022. 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.“
No More Secured Loans From Reserves
This news comes barely two months after Tether pledged to stop issuing secured loans from its reserves going forward as part of efforts towards transparency and reassuring customers about their funds being safe with them all times..
Overall these reports reveal that despite bear markets affecting cryptocurrency trading as a whole, companies like Tether remain resilient and continue to generate profits even under such conditions due to responsible management and commitment towards transparency when dealing with customer funds