The USDT stablecoin issuer, Tether Limited, recorded a net profit of $700 million in October-December. This follows from the updated certification report.
#tether Continues To Demonstrate Strength Of Reserves, Reveals $700m Profits For Q4/2022 In Latest Attestation Reporthttps://t.co/NlPLC3Qil9
— Tether (@tether_to) February 9, 2023
The accuracy of the data specified in the document is confirmed by the accounting firm BDO.
The resulting profit replenished the equity capital of the company.
“Tether reserves remain extremely liquid. The majority of its investments are held in cash, cash equivalents and other short-term deposits,” the report says.
As of December 31, 2022, the company’s assets amounted to $67.04 billion, liabilities – $66.08 billion, equity – $960 million.
The volume of secured loans fell by $283 million to $5.85 billion. In December, WSJ journalists indicated on the risks for the USDT issuer due to the presence of such investments associated with lending secured by cryptoassets. Tether Limited called the conclusions of journalists “the hypocrisy of the media, sleeping at the wheel of information.”
The share of corporate bonds, funds and precious metals accounted for $3.44 billion, other investments — $2.68 billion.
The CTO of the issuer, Paolo Ardoino, noted the company’s resilience in the face of the crypto winter, as well as direct and indirect FUD attacks.
“In 2022, Tether, as promised, zeroed commercial paper on the balance sheet. The firm also committed to reducing secured loans during 2023. The process has already started,” he said.
3/ In 2022, Tether, as promised, reduced to 0 commercial papers, and just before the end of the year promised a reduction of secured loans throughout 2023. The process started already.
— Paolo Ardoino
(@paoloardoino) February 9, 2023
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