Tether Says Crypto Reserves Boosted by $700 Million in Profit
The issuer of stablecoin USDT, the company Tether Limited, according to the results of October-December recorded a net profit of $700 million. It follows from the updated attestation report.
The reliability of the data indicated in the document was confirmed by accounting firm BDO.
The profit gained added to the company's equity capital.
As of December 31, 2022, the company had $67.04 billion in assets, $66.08 billion in liabilities and $960 million in shareholders' equity.
Secured loans decreased by $283 million, to $5.85 billion. In December, WSJ journalists pointed out the risks for the USDT issuer due to the existence of similar investments related to lending secured by crypto assets. Tether Limited called the journalists' conclusions "the hypocrisy of the media asleep at the wheel of information."
Corporate bonds, funds and precious metals accounted for $3.44 billion and other investments for $2.68 billion.
Treasury bonds' share of assets rose from 58.1% to 58.5% in the most recent reporting period. At the end of June, it was 43.5%.
The issuer's CTO Paolo Ardoino noted the company's resilience in the face of crypto winter as well as direct and indirect FUD attacks.
In September 2022, a court in New York ordered Tether Limited to provide financial documents to assess stablecoin reserves as part of a possible market manipulation lawsuit.
A month later, it became known that the U.S. Department of Justice resumed its inspection of the company, according to the media.