Tether Reports $700M Profit Boost, Zero Commercial Paper In 2022

Tether Holdings Limited, the company behind the popular stablecoin USDT (CRYPTO: USDT) reported a net profit of more than $700 million in the last quarter of 2022, according to its latest Consolidated Reserves Report (CRR).

The report showed Tether ended 2022 with zero commercial paper and at least $67 billion in consolidated total assets and excess reserves of at least $960 million.

The report also highlighted a reduction in secured loans, with the majority of Tether's investments being held in cash, cash equivalents and other short-term deposits.

Also Read: Major Crypto Exchange Kraken Facing SEC Probe Over Securities Violations

Tether's assets exceeded its liabilities, with more than 58% of assets allocated to U.S. Treasury bills.

"Tether has on the other side issued over $10 billion of USD₮, an indication of continued organic growth and adoption of Tether. Last quarter, Tether generated over $700 million in profits, adding to its reserves," said Paolo Ardoino, chief technology officer of Tether.

He added the company remained committed to leading the industry in transparency and setting a positive example for its peers.

Read Next: Chiliz Launches New Layer-1 Blockchain: What It Means For CHZ Token Holders In 2023

Photo: viewimage via Shutterstock