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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
02/08/2023

Tether Releases Latest Asset Report: $700 Million Profit in Q4 2022

Tether, the issuer of the USDT stablecoin, has released its latest financial results, showing a net profit of $700 million for Q4 2022. On February 9, Tether published its latest asset report, audited by BDO. The auditing firm confirmed: "Tether's reserves remain highly liquid, with the majority of investments held in cash, cash equivalents, and other short-term deposits." After accounting for expenses, the company reported a net profit of $700 million, raising Tether's total assets to at lea

Tether Releases Latest Asset Report: $700 Million Profit in Q4 2022

Tether, the issuer of the USDT stablecoin, has released its latest financial results, showing a net profit of $700 million for Q4 2022.

Tether ordered by New York court to produce majority of documents related to USDT backing

On February 9, Tether published its latest asset report, audited by BDO. The auditing firm confirmed:

"Tether's reserves remain highly liquid, with the majority of investments held in cash, cash equivalents, and other short-term deposits."

After accounting for expenses, the company reported a net profit of $700 million, raising Tether's total assets to at least $67.04 billion as of December 31, 2022. The company's total liabilities stood at $66.08 billion, indicating a reserve surplus of approximately $960 million.

This also marks the first time in Tether's 9-year history that the company has publicly disclosed its profits.

Tether's Chief Technology Officer, Paolo Ardoino, stated proudly:

"Once again, Tether proves its resilience. Despite the turmoil of 2022, we not only successfully redeemed $21 billion USDT but also issued over $10 billion USDT — a testament to Tether's continued growth."

As for the source of the $700 million profit, a Tether spokesperson explained that it essentially represents "part of the equity" — "additional capital" contributed to bolster the platform's reserves.

Back in December, Tether announced plans to "wind down" its collateralized loan book in 2023, citing the growing size of these loans and the repayment risk they posed in a crisis scenario. According to today's report, however, the company has already reduced that loan exposure to $300 million.

Previously, in October, the stablecoin issuer moved to completely eliminate commercial paper as collateral backing USDT, shifting toward direct exposure to U.S. Treasury bills. The company's other assets include corporate bonds, money market funds, and precious metals.