Top Stablecoin Tether (USDT) Reports $700,000,000 Profit and Zero Commercial Paper Holdings in Q4

USDT CRYPTO_NEWS

The latest attestation report of global accounting firm BDO backs up stablecoin issuer Tether’s claim that it finally eliminated commercial paper holdings from its reserve in Q4 of 2022. BDO’s independent accountant report, which was released on February 8th, reviewed Tether’s Consolidated Reserves Report (CRR) as of Dec. 31, 2022. The report affirms the accuracy of the CRR, which shows that the company has zero commercial paper holdings and has at least $67 billion in consolidated total assets, which surpasses its liabilities amounting to a little over $66 billion. The CRR also shows that Tether reduced its secured loans by $300 million and increased its allocation for US Treasury Bills, which now make up 58% of its assets. “In our opinion, the CRR prepared by the management of the Group as of 31 December 2022, is in all material respects, fairly presented in accordance with the criteria, including Management’s Key accounting Policies, set out therein.”  

 

Tether CTO Paolo Ardoino says the company also managed to generate more than $700 million in net profits despite the crypto winter that saw the downfall of other firms in the industry in Q4 2022. “Tether demonstrated a superior approach to risk management that allowed [it] to maintain its leadership, while consolidating profits. Having a safe, conservative and profitable business that doesn’t require begging for funds from VCs has been always primary focus of Tether.” Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox Check Price Action Follow us on Twitter, Facebook and Telegram Surf The Daily Hodl Mix Check Latest News Headlines 

 

Source : [Top Stablecoin Tether (USDT) Reports $700,000,000 Profit and Zero Commercial Paper Holdings in Q4](dailyhodl.com/2023/02/10/top-stablecoin-tether-usdt-reports-700000000-profit-and-zero-commercial-paper-holdings-in-q4/) by Rhodilee Jean Dolor - Tether 2022 USDT Profit•The Daily Hodl by Rhodilee Jean Dolor / February 10, 2023

Join our 70k+
tribe of Akters

Have any questions?

Check our Q&A

About the AKTIO coin

Benefit fully from our ecosystem

What’s new in the App?

We’re adding new features

Customer support

support@akt.io

+353 1 574 7382

+39 06 4525 6900

Opening hours:

Monday to Friday: 9am - 5pm CET

Learn

News

Glossary

AKT Academy

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata ICO Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata ICO Ltd

Italian Branch

Via Archimede, 161,

00197 Roma

Italy

Automata Pay Ltd, Reg number 12208424 and incorporated in the United Kingdom is the registered agent of Modulr FS Limited, a company registered in England with company number 09897919, authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution (Firm Reference Number: 900573). Traditional currency will be safeguarded by a licensed bank in segregated accounts in accordance with regulatory requirements.

Automata Pay Europe Limited, Reg number 69028 and incorporated in Ireland is the registered agent of Modulr FS Europe Limited, a company registered in Ireland with company number 638002, authorised and regulated by the Central Bank of Ireland as an Electronic Money Institution (Institution Code C191242). Traditional currency is safeguarded as e-money in accordance with our regulatory obligations. Traditional currency will be safeguarded by a licensed bank in segregated accounts in accordance with regulatory requirements.

Automata ICO Limited, Reg number 690280 and incorporated in Ireland has applied for a Virtual Asset Service Provider registration with the Central Bank of Ireland. Whilst the application is ongoing we are permitted to continue business as a Virtual Asset Service Provider in line with the Central Bank of Ireland's regulatory disclosure statement as required under section 106L of the CJA 2010 in relation to registered VASPS. It is important to note that a registration as a VASP is a registration for Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) purposes only. While Automata ICO Limited does have certain financial crime control obligations under this registration, cryptoasset services remain largely unregulated. The Financial Ombudsman Service or the Financial Services Compensation Scheme do not apply to the cryptoasset activities carried on by Automata ICO Limited.