Tether Continues To Demonstrate Strength Of Reserves, Reveals $700m Profits For Q4/2022 In Latest Attestation Report

by Tether | Feb 9 2023

Today, Tether Holdings Limited made available its December 31, 2022 assurance opinion completed by BDO, a top five-ranked global independent public accounting firm. The attestation re-affirms the accuracy of Tether’s Consolidated Reserves Report (CRR), which breaks down the assets held by the Group as of December 31, 2022. The CRR shows that, in addition to reducing its secured loans as committed, Tether ended 2022 with zero commercial paper and at least $67 billion in consolidated total assets and excess reserves of at least $960 million.

Tether's reserves remain extremely liquid, with the majority of its investments being held in cash, cash equivalents, and other short-term deposits. This latest report demonstrates its commitment to transparency and highlights a $300 million reduction in secured loans, more than $700 million net profit added to Tether reserves in the last quarter 2022, and the highest percentage to date of assets allocated in US Treasury Bills, with direct exposure of over 58%. 

The CRR also indicates, and BDO independent attestation confirms, that Tether’s consolidated assets once again exceeds its consolidated liabilities.

The Management of the Company asserts the following as of 31 December 2022:

  • The Group’s consolidated total assets amount to at least US$ 67,044,148,175

  • The Group’s consolidated total liabilities amount to US$66,083,530,757, of which US$66,057,260,169 relates to digital tokens issued

  • The Group’s consolidated assets exceed its consolidated liabilities

“With the presentation of this latest consolidated reserve report, Tether continues to deliver on our promise to lead the industry in transparency,” said Paolo Ardoino, CTO of Tether.  “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. Not only were we able to smoothly execute over $21 billion dollars in redemptions during the chaotic events of the year, but Tether has on the other side issued over $10 billion of USD₮, an indication of continued organic growth and adoption of Tether. Last quarter, Tether generated over $700 million in profits, adding to its reserves. We are proud of how Tether has continued to be a driving force in rebuilding trust within the crypto industry and we are determined to continue to set a positive example for our peers and competitors alike.” 

You can read the latest assurance opinion and the Consolidated Reserves Report: here

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