Tether Reports $700 Million Net Profit in Q4 2022
• Tether, a stablecoin issuer, reported a net profit of $700 million in the fourth quarter of 2022.
• The company disclosed its profit figures for the first time and has reserves exceeding liabilities as of Dec. 31, 2022.
• Tether CTO Paolo Ardoino stated that the company has issued over $10 billion in USDT indicating continued organic growth and adoption.
Stablecoin issuer Tether published its latest attestation report on Thursday, February 9th revealing a net profit of $700 million in the previous quarter despite the ongoing bear market. The company reported that its consolidated assets exceeded its liabilities as of Dec. 31, 2022 with excess reserves of at least $960 million which is part of shareholder equity or what’s in excess of reserves. Furthermore, Tether CTO Paolo Ardoino added that the company has issued over $10 billion in USDT indicating continued organic growth and adoption.
The company reported a net profit of $700 million in Q4 which is addition to its reserves. While commenting on this latest cryptocurrency news, Tether said; „Tether’s reserves remain extremely liquid, with the majority of its investments being held in cash, cash equivalents, and other short-term deposits.“ The report added that Tether’s consolidated total assets amounted to at least $67.04 billion while its consolidated total liabilities amounted to $66.08 billion reflecting excess reserves of at least $960 million.
The December report was attested by the accounting firm BDO and comes barely two months after Tether pledged to stop issuing secured loans from its reserves. The reported profit is part of shareholder equity which is what’s left after setting aside funds for reserve purposes only A company spokesperson added that; „It’s basically additional capital sitting in the company to further strengthen Tether.“
Statement from CTO
In a statement, 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 USDT an indication of continued organic growth and adoption”
This latest news confirms that not only does tether have enough liquidity and financial strength but also continues to gain more users organically thus confirming it’s dependability even during times if high volatility within crypto markets