Tether with over $700M Profit!

Feb 9, 2023 thejournalbiz

Tether, the company behind the world’s largest stablecoin, said a net profit of more than $700 million was added to its reserves in the last quarter of 2022!

Tether reported the profit as part of its latest attestation, conducted by accounting firm BDO Italia.

Tweet on Tether

#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

Tether report on the news

In a statement, Tether said it has “always been profitable,” though it is reporting the net profit figure for the first time.

Tether’s latest attestation shows the firm ended 2022 with $67 billion in consolidated total assets and $66 billion in consolidated total liabilities.

As of Dec. 31, Tether held $55 billion in cash and cash equivalents, compared with the $56 billion in cash and cash equivalents it held at the end of the third quarter.

Tether’s reserves held in corporate bonds, funds and precious metals increased to over $3.4 billion at the end of December, from about $3.2 billion at the end of September.

Reserves held in secured loans decreased by $300 million from $6.14 billion at the end of September to $5.85 billion at the end of 2022.

Reserves in the “other investments” category, which includes unspecified digital tokens, rose slightly from $2.62 billion last quarter to about $2.69 billion at the end of last year.

Tether had a tumultuous 2022 amid the collapses of multiple cryptocurrencies and once high-flying crypto firms. Paolo Ardoino, Tether’s chief technology officer, said in a statement that the firm processed over $21 billion in redemptions and issued over $10 billion of the stablecoin during the year.