Tether reports $700 million net profit in Q4 2022

  • Stablecoin issuer issued its latest attestation report for the fourth quarter of 2022.

  • The company reported a net profit of $700 million in Q4.

  • The profit is in addition to the company’s reserves.

Tether publishes its Q4 attestation report

Stablecoin issuer Tether published its latest attestation report on Thursday, February 9th. The company reported a net profit of $700 million in the previous quarter despite the ongoing bear market.

Tether revealed that the profit is in 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 stablecoin issuer added that the December report was attested by the accounting firm BDO. The report added that Tether’s consolidated assets exceeded its liabilities as of Dec. 31, 2022.

The report comes barely two months after Tether pledged to stop issuing secured loans from its reserves.

The company reported that its consolidated total assets amounted to at least $67.04 billion in the last quarter. Furthermore, its consolidated total liabilities amounted to $66.08 billion. Hence, reflecting excess reserves of at least $960 million.

The net profit is part of shareholder equity

Tether pointed out that the reported profit is part of shareholder equity, that is, what’s in excess of reserves. A company spokesperson added that;

“It’s basically additional capital sitting in the company to further strengthen Tether.” 

This is the first time the stablecoin issuer has disclosed its profit figures. The company didn’t reveal how it made its profits.

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 of USDT, an indication of continued organic growth and adoption of Tether.”

The stablecoin issuer removed commercial paper from its reserves in October 2022. Tether’s other assets include funds, precious metals, and corporate bonds. 

All Dutch and English crypto news!

Australian ‘Big Four’ bank ANZ halts cash withdrawals from many branches

ANZ, one of Australia's "Big Four" banks, will cease facilitating withdrawals and deposits from a number of its Australian branches as it looks to push...

‘Biased, deceptive’: Center for AI accuses ChatGPT creator of violating trade laws

The Center for Artificial Intelligence and Digital Policy (CAIDP) has filed a complaint with the United States Federal Trade Commission (FTC) in an attempt to...

DAO treasuries top $25 billion for the first time: DeepDAO

Decentralized autonomous organization (DAO) treasuries are rapidly growing having just surpassed a major milestone, according to DeepDAO. According to figures from the DAO data platform, on...

Polls suggest Elizabeth Warren’s anti-crypto army strategy may not pay off

The United States Senator for Massachusetts Elizabeth Warren is making her "anti-crypto" agenda one of the centerpieces of her re-election campaign, despite polls suggesting the...

Beste exchanges

Koop je crypto bij Bitvavo