Tether Reaches $700M Profit, Reduces Debts
HONG KONG – There is good news for Tether (USDT) investors after the stablecoin published a blog post about its most recent attestation report on Thursday. The report shows the stablecoin profited $700 million in the fourth quarter of 2022 and reduced its secured loans by $300 million.
The audit was conducted by BDO, a top-five global accounting firm that concluded Tether has “consolidated assets exceed its consolidated liabilities,” a fact that will please investors after the many illiquidity crises of 2022.
The blog post also quotes Tether CTO Paolo Ardoino saying, “Not only were we able to smoothly execute over $21 billion [...] in redemptions during the chaotic events of [2022], but Tether has on the other side issues over $10 billion of USDT.”
In addition to reaching its goal of reducing its secured loans, Tether also achieved its goal of eliminating commercial paper, a form of unsecured debt, before 2023.
