1 year ago
Stablecoin issuer Tether reported a $700 cardinal nett for the 4th fourth of 2022, according to its latest attestation study published connected Feb. 9.
The institution said it has an excess reserve of astatine slightest $960 cardinal arsenic of Dec. 31. Its full assets stood astatine $67.04 billion, portion its liabilities were $66.08 cardinal — the bulk of them relating to its issued integer tokens.
“Tether’s reserves stay highly liquid, with the bulk of its investments being held successful cash, currency equivalents, and different short-term deposits.”
Tether’s attestation study was prepared by the planetary accounting steadfast BDO.
Tether’s CTO Paolo Ardoino said the attestation study proved the company’s resilience, stability, and “its quality to grip carnivore markets and achromatic swan events.” Ardoino added:
“Not lone were we capable to smoothly execute implicit $21 cardinal dollars successful redemptions during the chaotic events of the year, but Tether has connected the different broadside issued implicit $10 cardinal of USDT, an denotation of continued integrated maturation and adoption of Tether.”
In 2022, the crypto marketplace plunged to grounds lows, starring to the capitulation of respective crypto firms. Stablecoin issuers besides faced accrued regulatory scrutiny pursuing the illness of Terra’s algorithmic stablecoin.
During this period, Tether experienced a mini bank run that processed astir $10 cardinal successful withdrawals implicit 2 weeks.
Meanwhile, the issuer removed each secured loans and commercialized insubstantial from its reserves pursuing heightened assemblage fears. Tether has besides repeatedly maintained that it has nary vulnerability to immoderate steadfast affected by the crypto contagion.
The station Tether reports $700M nett for Q4’22 appeared archetypal connected CryptoSlate.
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