Tether reported earnings of $700 million for Q4 2022

Tether reported earnings of $700 million for Q4 2022

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Author: Robert Strickland
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Tether reported earnings of $700 million for Q4 2022
The company, which issues the leading stablecoin, reported that its assets exceed its liabilities and its reserves are "extremely" liquid

Tether reported earnings of more than $700 million for the fourth quarter of 2022. On Feb. 9, the issuer of the largest USDT stablecoin capitalization reported the publication of an auditor's report on the company's financial condition as of Dec. 31, 2022.

According to CoinGecko, the market capitalization of USDT stablecoin as of February 9 is $68.2 billion, ranking it third among the largest cryptocurrencies, behind only bitcoin and Ethereum. And in terms of daily trading volume, Stablecoin ranks first among all cryptocurrencies: in the past 24 hours, the figure was $51.4 billion.

According to a report compiled by audit firm BDO, Tether's consolidated assets at the end of last year were at least $67.04 billion and excess reserves were at least $960 million. The company's total liabilities are shown at $66.08 billion, $66.05 billion of which comes from crypto-assets issued by Tether. In its announcement, the company emphasizes that its assets exceed its liabilities and its reserves are liquid.

Tether announced that it had completely removed commercial paper (promissory notes, unsecured short-term debt instruments issued by private companies) from USDT collateral back in October of last year. These securities were replaced by US Treasury securities (T-Bills). A gain of more than $700 million was also added to the company's reserves in the final quarter of 2022, the statement said.

According to a new report, Tether cut its secured loans by $300 million.

In the meantime, journalists continue to follow Tether's business closely. In early February, The Wall Street Journal published an article claiming that the founders and owners of the company behind the issuance of the leading stablecoin are an "unusual company" with "limited experience" in the financial industry.

 

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