{"id":580871,"date":"2023-02-09T16:17:20","date_gmt":"2023-02-09T16:17:20","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=580871"},"modified":"2023-02-10T19:48:36","modified_gmt":"2023-02-10T19:48:36","slug":"tether-700-m-profit-commercial-paper","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/tether-700-m-profit-commercial-paper\/","title":{"rendered":"Tether Posts $700 Million Profit, Eliminates Commercial Paper From Reserves"},"content":{"rendered":"\n<ul><li>Tether reported a $700 million profit in the last quarter of 2022.<\/li><li>The USDT issuer no longer holds commercial paper in its reserves.&nbsp;<\/li><li>The latest attestation report from its auditor revealed that the firm&#8217;s assets exceeded its liabilities.&nbsp;<\/li><li>The majority of the assets that back USDT are held in United States Treasury Bills.&nbsp;<\/li><\/ul>\n\n\n\n<p>Tether, the firm behind the world\u2019s largest stablecoin, posted a third-party <a href=\"https:\/\/assets.ctfassets.net\/vyse88cgwfbl\/53L8YRM4ZHCEeqlpKbc3Q8\/2e6cbcd1593b3e5ea867718c5938d6c8\/Std_ISAE_3000R_Opinion_BDO_31-12-2022_Tether_CRR.pdf\" rel=\"nofollow noopener\">attestation report<\/a> earlier today. The attestation, which was carried out by accounting giant BDO, revealed that the USDT issuer\u2019s assets exceeded its liabilities. With $67.04 billion in assets and $66.08 billion in liabilities, the firm\u2019s excess reserves stood at $960 million.&nbsp;<\/p>\n\n\n\n<h2><strong>Tether claims a $700 million profit, report has no mention of it<\/strong><\/h2>\n\n\n\n<p>Tether CTO <a href=\"https:\/\/twitter.com\/paoloardoino\/status\/1623644465238798339\" rel=\"nofollow noopener\">Paolo Ardoino<\/a> claimed in a recent Twitter thread that the firm had a net profit of $700 million in the fourth quarter of 2022. However, the attestation report by BDO, which examined the firm\u2019s reserves as of 31 December 2022, had no mention of the profit. Furthermore, the firm failed to specify how the nine-figure profit was realized.&nbsp;<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>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.\u201d&nbsp;<\/p><cite>CTO Paolo Ardoino<\/cite><\/blockquote>\n\n\n\n<p>BDO\u2019s report also revealed that Tether had brought down its exposure to commercial paper to zero. The <a href=\"https:\/\/en.ethereumworldnews.com\/tether-bloomberg-renewed-fraud-probe\/\">USDT issuer<\/a> had eliminated commercial paper from its reserves, in line with its commitment to get rid of its commercial paper holdings by the end of 2022, given that it was less stable than other debt instruments like U.S Treasury Bonds. At $39.2 billion, U.S Treasury Bills accounted for Tether\u2019s largest holding. Cash and Bank Deposits increased by $271 million compared to the third quarter of 2022. Assets held in corporate bonds, futures, and precious metals went up by $250 million over the same period.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tether&#8217;s latest attestation report revealed that the USDT issuer&#8217;s assets exceeded its liabilities. CTO Paolo Ardoino claimed that the firm made a profit of $700 million in the last quarter of 2022. <\/p>\n","protected":false},"author":62,"featured_media":580876,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,947,2],"tags":[108821,2561,1811,1562],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/580871"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/62"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=580871"}],"version-history":[{"count":5,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/580871\/revisions"}],"predecessor-version":[{"id":580900,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/580871\/revisions\/580900"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/580876"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=580871"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=580871"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=580871"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}