Tether Continues to Prove Provision Strength, Reveals $700 Million Profit for Q4 2022 in Latest Proof Report
Tether Holdings Limited today published an Assurance Opinion dated December 31, 2022, completed by BDO, a top five independent accounting firm in the world. This certification reaffirms the accuracy of Tether’s Consolidated Reserve Report (CRR), which reports the breakdown of assets held by the Group as of December 31, 2022. In addition to reducing collateralized loans as promised, CRR indicates Tether will terminate in 2022. Commercial paper is zero, consolidated total assets are at least $67 billion, and excess reserves are at least $960 million.
Tether’s reserves remain highly liquid, with the majority of its investments held in cash, cash equivalents, and other short-term deposits. This latest report demonstrates a commitment to transparency, including a $300 million reduction in secured loans, the addition of more than $700 million in net proceeds to Tether reserves in the final quarter of 2022, and U.S. Treasury bills. Highlights the highest proportion of assets allocated to date. Exposure rate is over 58%.
The CRR also shows that Tether’s consolidated assets once again exceed its consolidated liabilities, which BDO’s independent attestation also confirms.
Our management asserts that as of December 31, 2022:
The Group’s consolidated total assets amount to at least 67,044,148,175 USD.
The Group’s total consolidated debt is USD 66,083,530,757, of which USD 66,057,260,169 relates to issued digital tokens.
Our group’s consolidated assets exceed consolidated liabilities.
“With the release of this latest Integrated Reserve Report, Tether continues to deliver on its promise to lead the industry in transparency,” said Paolo Ardoino, CTO of Tether. “After a tumultuous end to 2022, Tether once again proved its stability, resilience, and ability to weather bear markets and black swan events, setting it apart from the industry’s bad actors. Not only did we successfully execute over $21 billion in redemptions, but Tether also issued over $10 billion in USD₮. This reflects continued organic growth and Tether. Last quarter, Tether generated over $700 million in profits and increased its reserves. We continue to see Tether as a driving force in rebuilding trust within the cryptocurrency industry. We are proud of this and are determined to continue setting a positive example for our peers and competitors.”
The latest assurance opinion and consolidated reserve report can be found here.
