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 an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
