Tether (USDT) Reveals $700 Million Gains in Last Quarter Despite Crypto Market Turmoil
- racked up almost 1 billion in profits in the last quarter of 2022 despite the ongoing crypto winter.
- The company reinvested the profits in its reserves.
- The company said it ended the year with assets exceeding liabilities.
Tether, the issuer of the world's largest USDT centralized stablecoin, has released its latest certification report for the fourth quarter of last year.
Tether announced on Thursday that it generated a profit of $700 million last quarter. The company said it had reinvested the proceeds in its reserves.
On top of that, Tether said that it ended 2022 with excess reserves of at least $960 million. The firm has $67 billion in assets with liabilities of $66 billion, almost all related to issued digital tokens. Tether also said that it has no commercial paper in its reserves.
Tether achieved these results despite an extremely tough year for cryptocurrencies that saw digital asset prices plummet and several companies including FTX, Celsius, and Luna go bankrupt.
Tether CTO Paolo Ardoino said the company โdifferentiated itself from the bad players in the industryโ by staying resilient and stable during stress.
โAfter a tumultuous end to 2022, Tether has once again demonstrated its stability, its resilience, and its ability to handle bear markets and black swan events, setting itself apart from the industry's bad actors. Not only were we able to seamlessly execute over $21 billion worth of redemptions during the chaotic events of the year, but Tether, on the other hand, issued over $10 billion USDT, an indication of continued organic growth and adoption. of Tether.โ Ardoino added that Tether is a โdriving forceโ in crypto's quest to regain trust within the industry.
โWe are proud of how Tether has continued to be a driving force in rebuilding trust within the cryptocurrency industry and we are determined to continue to set a positive example for our peers and competitors alike.โ USDT is the largest stablecoin on the market. Its market capitalization currently exceeds $68 billion, according to data from CoinGecko.
In the reverse
- Some argue that Tether's certifications cannot be fully trusted because the company has yet to produce a viable audit of its financials.
why should you care
Tether is the issuer of the largest stablecoin, USDT. It is encouraging to see such a major player in the industry brave the crypto winter without a hitch. This sentiment was also shared by the founder Vitalik Buterin a few months ago. At the same time, users should always be diligent before choosing which stablecoin to use.
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