Stablecoin Issuer Tether Reports $700M Net Profit In Q4 2022
Key Points:
- Tether released its most recent attestation report, stating that its assets outweighed its liabilities as of December 2022.
- The consolidated total assets were at least $67.04 billion as of the date, while its consolidated total liabilities were at least $66.08 billion.
Tether, the stablecoin issuer, presented its latest attestation report on Thursday, showing a “net profit” of $700 million in the fourth quarter of 2022, which it claims is added to its reserves.
Following the collapse of algorithmic stablecoin terraUSD (UST), which had a market valuation of $18 billion prior to its demise, stablecoin issuers came under increased scrutiny last year.
Tether first disclosed a breakdown of its reserves in May 2021, showing that commercial paper accounted for 49% of its assets. Following attestation reports, the proportion of commercial paper on Tether’s books gradually decreased.
A U.S. judge in New York ordered the company to submit papers linked to USDT’s support in September during a lawsuit alleging the firm conspired to issue the stablecoin as part of a plan to boost the price of bitcoin (BTC).
According to the statement, Tether’s consolidated total assets were at least $67.04 billion as of the date, while its consolidated total liabilities were at least $66.08 billion, representing surplus reserves of at least $960 million.
Tether’s reserves remain extremely liquid, with the majority of its investments being held in cash, cash equivalents, and other short-term deposits.
the company said
According to The Block, the $700 million profit is part of shareholder equity, that is, what’s in excess of reserves, a Tether spokesperson told The Block. It’s basically additional capital sitting in the company to further strengthen Tether.
The issuer removed the commercial paper from its reserves in October last year. Corporate bonds, funds, and precious metals are among its other holdings. Its USDT is the market’s largest stablecoin, with a supply of over 68 billion tokens.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news:Â https://linktr.ee/coincu
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Stablecoin Issuer Tether Reports $700M Net Profit In Q4 2022
Key Points:
- Tether released its most recent attestation report, stating that its assets outweighed its liabilities as of December 2022.
- The consolidated total assets were at least $67.04 billion as of the date, while its consolidated total liabilities were at least $66.08 billion.
Tether, the stablecoin issuer, presented its latest attestation report on Thursday, showing a “net profit” of $700 million in the fourth quarter of 2022, which it claims is added to its reserves.
Following the collapse of algorithmic stablecoin terraUSD (UST), which had a market valuation of $18 billion prior to its demise, stablecoin issuers came under increased scrutiny last year.
Tether first disclosed a breakdown of its reserves in May 2021, showing that commercial paper accounted for 49% of its assets. Following attestation reports, the proportion of commercial paper on Tether’s books gradually decreased.
A U.S. judge in New York ordered the company to submit papers linked to USDT’s support in September during a lawsuit alleging the firm conspired to issue the stablecoin as part of a plan to boost the price of bitcoin (BTC).
According to the statement, Tether’s consolidated total assets were at least $67.04 billion as of the date, while its consolidated total liabilities were at least $66.08 billion, representing surplus reserves of at least $960 million.
Tether’s reserves remain extremely liquid, with the majority of its investments being held in cash, cash equivalents, and other short-term deposits.
the company said
According to The Block, the $700 million profit is part of shareholder equity, that is, what’s in excess of reserves, a Tether spokesperson told The Block. It’s basically additional capital sitting in the company to further strengthen Tether.
The issuer removed the commercial paper from its reserves in October last year. Corporate bonds, funds, and precious metals are among its other holdings. Its USDT is the market’s largest stablecoin, with a supply of over 68 billion tokens.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news:Â https://linktr.ee/coincu
Thana
Coincu News
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