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USDT Issuer Clears Unsecured Debt and Profits by $700M in Q4 2022

Published 02/09/2023, 02:59 PM
Updated 02/09/2023, 03:00 PM
USDT Issuer Clears Unsecured Debt and Profits by $700M in Q4 2022
USDT/USD
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  • Tether announced a $700 million profit in the last quarter of 2022.
  • A top-ranking global accounting firm attested to the accuracy of Tether’s reserve.
  • During the 2022 chaotic events, Tether processed over $21 billion.

Tether Holdings Limited, the issuer of the largest stablecoin, USDT, said it no longer holds any short-term, unsecured debt against its balance sheet after announcing a $700 million profit in a recent blog post.

In the report published today, the stablecoin issuer said it ended 2022 with zero commercial paper and at least $67 billion in consolidated total assets and excess reserves of at least $960 million. Tether also maintained that its reserves remain highly liquid, with most of its investments being held in cash, cash equivalents, and other short-term deposits.

Tether boasts a $300 million reduction in secured loans and more than $700 million net profit in the last quarter of 2022. Furthermore, Tether said it submitted its 2022 Consolidated Reserves Report (CRR) to BDO, a top five-ranked global independent public accounting firm.

BDO attested to the accuracy of the firm’s CRR, adding that its consolidated assets exceed its consol…

The post USDT Issuer Clears Unsecured Debt and Profits by $700M in Q4 2022 appeared first on Coin Edition.

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