Tether Profits Surge $700M in Q4 2022 Despite Crypto Bear Market
10.2.2023 | 05:50
• Tether Holdings Limited reported a net profit of $700 million in the fourth quarter of 2022.
• The firm ended last year with excess reserves of $960 million and at least $67 million billion in consolidated total assets.
• The data showed that Tether was able to smoothly redeem over 21 billion dollars during the chaotic events of the year.
Tether Reports Record Profit for Q4 2022
Tether Holdings Limited reported a record net profit of around $700 million in the fourth quarter of 2022. It ended last year with excess reserves of $960 million and at least $67 million billion in consolidated total assets, proving its stability and resilience amid turbulent times. The data also revealed that Tether was able to smoothly execute over 21 billion dollars in redemptions during the chaotic events of the year.
Secured Loans Reduced by $300 Million
Tether’s profits for Q4 2022 stood at $700 million, while its secured loans were reduced by $300 million. The report also showed that it had a direct exposure of over 58% to US Treasury Bills, zero commercial paper, and total liabilities equal to almost 100% amount related to issued tokens ($66 billion).
Chief Technology Officer Praises Resiliency
In light of their impressive performance throughout the bear market conditions in crypto sector, Chief Technology Officer Paolo Ardoino praised Tether’s ambition to „lead the industry in transparency“ as well as their „stability and resilience.“ He noted that they have issued over 10 billion USDT which is an indication of continued organic growth demand for digital currencies like USDT.
Increased Demand for Stablecoins
The report further highlighted an increasing demand for stablecoins like USDT due to their low volatility compared to other cryptocurrencies such as Bitcoin or Ethereum. This indicates that investors are becoming increasingly aware about asset diversification benefits provided by stablecoins like USDT and use them as an alternative way to preserve capital or hedge against traditional markets‘ downside movements.
To conclude, Tether reported impressive results despite market turbulence throughout 2020-2022 with a significant increase in net profits from Q4 2021 ($400M) to Q4 2022 ($700M). Additionally, its consolidated total assets equaled 67 billion while total liabilities amounted up to 66 billion due mainly from issued tokens – making it one of most successful projects within cryptocurrency sector (despite some controversies).
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