Tether eliminates commercial paper from reserves, CTO boasts profit
- Tether recently published an independent attestation report put together by accounting giant BDO Italia.
- The report revealed that the USDT issuer had eliminated its exposure to commercial paper as of 31 December 2022.
USDT issuer Tether recently published its attestation report for the fourth quarter of 2022. The report, which was put together by accounting giant BDO Italia, took a closer look at the firm behind the world’s largest stablecoin.
The consolidated reserves report as of 31 December 2022 revealed that the firm’s assets exceeded its liabilities by over $930 million. The consolidated total assets stood at $67.04 billion, against consolidated liabilities totaling $66.08 billion.
Tether CTO claims the company made a profit of $700 million
Paolo Ardoino, the Chief Technology Officer at Tether, informed his followers on Twitter that his firm had turned a net profit of $700 million in the fourth quarter of 2022.
Furthermore, the USDT issuer had successfully eliminated its exposure to commercial paper. The company had promised last year to remove the commercial paper from its reserves by the end of 2022.
Ardoino in a statement said,
“Tether reiterates its commitment to be a leader into building bitcoin and stablecoin technologies, investing in fundamental projects and infrastructures. With the presentation of this latest consolidated reserve report, Tether continues to deliver on our promise to lead the industry in transparency.”
According to a statement by Tether, the firm’s reserves are extremely liquid. With no exposure to commercial paper, U.S. Treasury bills were the largest holding in the reserve at $39.2 billion.
At $7.3 billion, Money Market Funds were the second largest holdings. It is interesting to note that the total assets in Q4 went down by over $1 billion as compared to Q3’s consolidated reserves report.
The report also revealed a $300 million reduction in secured loans. Interestingly, the independent report by BDO Italia did not mention the $700 million profit claimed by Tether and its CTO.