Tether Reports $700 Million Profit in Q4 2022
Tether, a stablecoin issuer, reported a net profit of $700 million for the last quarter of 2022.
In a recent statement, Tether shared that its reserves remain highly liquid and are invested primarily in cash, cash equivalents, and short-term deposits.
As of December 31, 2022, Tether’s consolidated assets amounted to $67.04 billion, while its liabilities were recorded at $66.08 billion, resulting in excess reserves of approximately $960 million.
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This is the first time Tether has disclosed its profit figures and did not specify the method by which it was achieved. The company has reduced its secured loans by $300 million and aims to eliminate them completely by 2023.
Tether CTO Paolo Ardoino stated that the company demonstrated stability in the tumultuous year of 2022, executing over $21 billion in redemptions and issuing over $10 billion USDT, reflecting organic growth and adoption of Tether.
USDT is the largest stablecoin in the market, with a total supply of over 68 billion tokens.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
