In the words of Tether CTO Paulo Ardoino, “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, setting itself apart from the bad actors of the industry.”
Accounting firm BDO Italia reported that stablecoin issuer Tether (USDT) ended 2022 with $67B in consolidated assets against $66B in net liabilities.
According to BDO’s audit report, Tether held $55B in cash and short-term deposits, with US treasury bills alone accounting for $39.2B. It also disclosed that Tether had $960M in reserves by December 31, 2022.
In its blog post, Tether claimed that BDO’s audit reaffirmed the accuracy of the firm’s Consolidated Reserves Report (CRR). The stablecoin issuer also reported a net profit of $700M for Q4 2022.
Furthermore, Tether also decreased its secured loans by $300M since May 2022. The firm plans to reduce the number of secured loans to zero in 2023.
It is worth mentioning that BDO's scope for the attestation was limited to Tether’s CRR assets and liabilities, with the firm noting,
“We have not performed any procedures or provided any level of assurance on the financial or non-financial activity on dates or times other than that noted within this report.”
Written by
Ayush Pande
Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.
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