• Tether, a stablecoin issuer, released an attestation report for Q4 2022 that showed a net profit of $700 million.
• The report is attested by the accounting firm BDO and shows that the company’s total assets exceed its liabilities.
• Tether CTO Paolo Ardoino noted that the company was able to smoothly execute over $21 billion dollars in redemptions during the chaotic events of 2022.

Tether Reports $700 Million Net Profit in Q4 2022

Stablecoin issuer Tether recently published its latest attestation report for the fourth quarter of 2022. The company reported a net profit of $700 million in Q4 despite the ongoing bear market, which is in addition to its reserves. The December report was attested by the accounting firm BDO and revealed that Tether’s consolidated assets exceeded its liabilities as of Dec. 31, 2022 with a total amount of at least $67.04 billion and $66.08 billion respectively, reflecting excess reserves of at least $960 million.

Profit Part Of Shareholder Equity

The reported profit is part of shareholder equity, meaning what’s in excess of reserves according to a company spokesperson. This also marks the first time Tether has disclosed any profit figures but did not reveal how it made its profits or where exactly they came from.

Statement From Tether CTO

In a statement regarding this cryptocurrency news, Tether CTO Paolo Ardoino said; “Tether once again proved it 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 this year, but Tether has on the other side issued over 10 billion USDT, an indication of continued organic growth and adoption of Tether” indicating further confidence from individuals and businesses using their service throughout 2020-2022 despite challenging economic conditions across many industries during this period.

Ceasing Secured Loans From Reserves

This news comes barely two months after Tether pledged to stop issuing secured loans from its reserves as part their efforts to reduce risk within their operations while maintaining liquidity across different markets they are involved with as well as providing users enhanced security when holding or trading their tokens on various exchanges around the world.

Conclusion

Thanks to these efforts and dedication towards providing safe and reliable services through difficult times both financially and economically, it appears clear that these measures have allowed them to generate healthy profits throughout 2021 so far with no signs yet showing any decrease anytime soon due to their consistent commitment towards transparency and risk management within their activities over recent years now proving successful for all stakeholders involved thus far overall