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Tether Reports $700 Million Q4 Net Profit in Latest Attestation Report

Stablecoin issuer Tether released its latest attestation report on Thursday, reporting a profit of $700 million in the fourth quarter of 2022, which it reinvested into its reserves.

"Tether's reserves remain extremely liquid, with the majority of its investments being held in cash, cash equivalents, and other short-term deposits," the company said in a statement while releasing its December report attested by accounting firm BDO. The report notes Tether's consolidated assets exceeded its liabilities as of Dec. 31, 2022.

Tether's consolidated total assets amounted to at least $67.04 billion as of the date, while its consolidated total liabilities amounted to $66.08 billion, per the statement, reflecting excess reserves of at least $960 million.

(By Yogita Khatri)

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