Tether Earned $700M in Q4 2022 Net Income
Tether Limited, issuer of the popular stablecoin USDT, recorded a net profit of $700 million in October-December, according to the updated certification report, which has been confirmed by accounting firm BDO.
The resulting profit replenished the equity capital of the company. According to the report:
“Tether reserves remain extremely liquid. The majority of its investments are held in cash, cash equivalents and other short-term deposits.”
As of December 31, 2022, the company’s assets amounted to $67.04 billion, its liabilities to $66.08 billion and its equity to $960 million.
The volume of secured loans fell by $283 million to $5.85 billion, the report says.
Recall that WSJ journalists pointed in December to the risks for the USDT issuer due to the presence of such investments associated with lending secured by crypto assets. Tether Limited called the conclusions of journalists “the hypocrisy of the media, sleeping at the wheel of information.”