Tether generated a profit of over $ 700 million in the fourth quarter of 2022
Tether generated a profit of over $ 700 million in the fourth quarter of 2022
Tether Holdings Limited-the company behind the largest StableCoin Usdt-showed a net profit of around $ 700 million in the fourth quarter of 2022.
It ended last year with surplus reserves of $ 960 million and at least $ 67 million in consolidated total assets.
Tether remained unimpressed by the bear market
Although the entire cryptocurrency sector devastated in 2022, the net profits of Tether rose by more than $ 700 million in the fourth quarter. It reduced its secured loans by $ 300 million and had a direct commitment of over 58 % in US treasure changes.
also showed that the company ended the last year with zero commercial paper and excess reserves of $ 960 million. The consolidated total assets amount to $ 67 billion, while the total liabilities amount to $ 66 billion (almost 100 % of the amount relate to issued tokens).
Chief Technology Officer Paolo Ardoinino argued that Tether's recent report "doubles the industry in transparency". He claimed that the company had proven its "stability and resilience" in a turbulent year with numerous bankruptcies and black-swan events.
"We were not only able to smooth over $ 21 billion in returns during the chaotic events of the year, but on the other hand, Tether issued over 10 billion USt, an indication of ongoing organic growth and the introduction of Tether. In the last quarter, Tether generated a profit of over $ 700 million and increased its reserves. We are proud of how Tether is still a driving force in reconstruction of trust within the crypto industry, and we are determined to continue to give a positive example for our colleagues and competitors alike, ”he concluded. The company behind the largest stable coin is so dominant that some people believe that a possible crash could mean a "game over" for the entire cryptocurrency industry. Such examples are the co-creator of Dogecoin- Bill Markus (better known as Shibetoshi Nakamoto) and Jack Dorsey-The former CEO of Twitter. The Wall Street Journal published in which Tether has increasingly gave his own coins to customers instead of for sale against hard currency ”. It was claimed that the move could trigger serious liquidity problems for the company. The StableCoin emittent quickly dropped back, spreserver-spaces = "true"> proverb The loans are "extremely overly overlooked and if necessary, even with additional equity of tether". She criticized the mainstream media again in mid-December, vow to reduce its secured loans to zero until the end of this year. . The collapse of Tether could trigger the downfall of crypto