Tether Improves Finances
• Tether USDT stablecoin has managed to improve its financial situation drastically and post a net profit of $700 million in Q4.
• Commercial paper backing the company was removed from its books, with an attestation report provided by BDO Italia confirming this.
• Tether CTO Paolo Arduino praised the company’s progress and resilience, adding that it had generated over $10 billion of USD₮ in organic growth.
Improving Financial Situation
Beleaguered throughout 2022, Tether has managed to improve its financial situation drastically and top it all with a $700 million Q4 net profit. Commercial paper backing FUD (fear, uncertainty, doubt) had been heaped upon the company behind the Tether USDT stablecoin for some time now, and much was made of the ‚dubious‘ backing of the US dollar-pegged token. A large part of which was commercial paper. However, thanks to improved finances, Tether was able to get rid of this commercial paper by the end of 2022 – verified by an attestation report issued by top-5 accounting firm BDO Italia at the end of December 2022. The report vouched for the integrity of Tether’s Consolidated Reserves Report, stating that there were no longer any commercial papers backing it up; it had $67 billion in consolidated assets; and excess reserves amounting to at least $960 million.
CTO Praises Progress
In a statement on the company website Paolo Arduino, CTO of Tether said: „After a tumultuous end to 2022, Tether has once again proven its stability, its resilience and its ability to handle bear markets and black swan events.“ He added: „Last quarter, Tether generated over $700 million in profits, adding to its reserves.“ He went on further praising his own company’s progress: „We are proud of how Tether has continued to be a driving force in rebuilding trust within the crypto industry and we are determined to continue to set a positive example for our peers and competitors alike.“
Question Mark on Company’s Books
The only real question mark against Tether’s financial situation is that attestation reports are only really snapshots at particular times – they cannot be confused with full financial audits which would allow full access into their books. Until such time that they do undergo such an audit – suspicions among some detractors will remain.
Disclaimer
This article is provided solely for informational purposes only. It is not offered or intended as legal advice or tax advice or investment advice or financial advice or any other type of advice.