• Tether Holdings Limited reported a net profit of approximately $700 million in Q4 2022.
• The company finished the year with excess reserves of $960 million and consolidated total assets of around $67 billion.
• Despite the bear market, Tether’s net profits increased by over $700 million in Q4.
Tether Generated Over $700 Million in Profits in Q4, 2022
Tether Holdings Limited – the company behind the largest stablecoin USDT – revealed a net profit of around $700 million in the fourth quarter of 2022. It ended last year with excess reserves of $960 million and at least $67 million billion in consolidated total assets.
Resilience During Bear Market
Even though 2022 devastated the entire cryptocurrency sector, Tether’s net profits increased by over $700 million in Q4. It reduced its secured loans by $300 million and revealed a direct exposure of over 58% to US Treasury Bills. The data further showed that the firm finished last year with zero commercial paper and excess reserves of $960 million. Its consolidated total assets stand at $67 billion, while total liabilities equal $66 billion (almost 100% of the amount relates to issued tokens).
Ambition for Transparency
Chief Technology Officer Paolo Ardoino argued that the recent report doubles down on Tether’s ambition to “lead the industry in transparency.” He claimed the company had proven its “stability and resilience” amid a turbulent year that saw numerous bankruptcies and black swan events.
21 Billion Redemptions Executed Smoothly
Not only were they able to execute over 21 billion dollars worth of redemptions during chaotic times but also issued more than 10 billion USDT indicating continued organizational trustworthiness among investors.
Overall, this report shows how resilient Tether is despite turbulent markets and continues to prove their ambitions for transparency within crypto markets.