Tether Made a $700 Million Profit in Q4

Thomas Seattle
Thomas Seattle Crypto
2 Min Read

Tether Limited, the company behind the USDT stablecoin, reported a net profit of $700 million from October to December. The new certification report supports this. The ensuing profit refilled the company’s equity capital. “Tether reserves remain extremely liquid. The majority of its investments are held in cash, cash equivalents, and other short-term deposits,” the report says.

Tether ’s Statistics Show a Tremendous Growth

Tether’s assets were at $67.04 billion, liabilities were worth $66.08 billion, and equity was worth $960 million as of December 31, 2022. Tether corporate bonds and funds made up $3.44 billion of the total investments, while other investments made up $2.68 billion. Secured lending volume decreased by $283 million to $5.85 billion.

Treasury bonds’ percentage in assets climbed from 58.1% to 58.5% throughout the most recent reporting period. The percentage was 43.5% at the end of June. 

tether ’s (usdt) statistics show a tremendous growth

How was Tether’s (USDT) Profit Met by People?

Journalists from the Wall Street Journal (WSJ) highlighted the concerns for the USDT issuer in December due to the existence of such investments connected to lending backed by crypto assets. Tether Limited referred to journalistic judgments as “the media’s hypocrisy, sleeping at the wheel of knowledge.”

Paolo Ardoino, the issuer’s CTO, highlighted the business’s tenacity in the face of the crypto winter and FUD assaults, both direct and indirect.

A New York court ordered Tether Limited to disclose financial records in September 2022 to assess stablecoin reserves as part of a potential market manipulation scheme. According to media sources, the US Department of Justice’s examination of the corporation was restarted a month later.

Keep reading: Fitch Thinks US Consumer Spending Will Fall Due to Fed’s Tightening Cycle

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I graduated from Lancaster University and currently working in the financial services industry. I’m a goal-driven journalist who tracks down personal and corporate finance stories and delivers on deadline and a reporter/editor with extensive experience in newspapers, magazines and the internet in public and private markets, equity and debt, M&A, banking, fintech areas.
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