USDT issuer Tether reported in its latest attestation report that it hit $700 million plus in the fourth quarter of 2022.
The past year has been a challenging and tumultuous year for the crypto industry. But last year has been a year in which many crypto organizations have also made profits. The collapses of crypto projects and the market crash have prepared a busy transition environment for many stablecoins. Stablecoins attracted great interest from investors due to the bear market effect. In this context, Tether announced that it made a profit of $ 700 million in the fourth quarter.
Tether Turns To Plus Despite Declining Market Conditions
USDT issuer Tether reported that it exceeded its liabilities in the last quarter of 2022 and reached a surplus of $700 million.
Stablecoin issuer Tether has released its latest attestation report. This report dealt with the balance sheet in the last quarter of 2022. The report, published by the company and approved by the accounting firm BBO, highlighted that the balance sheet has risen despite the declining market conditions.
Tether’s report announced that an additional $700 million was added to its reserves in the fourth quarter of 2022. The company said in its statements;
Tether’s reserves remain extremely liquid, as most of its investments are held in cash, cash equivalents and other short-term deposits.
A Tether spokesperson stated that the balance sheet, which has increased to $700 million, is part of shareholder equity and stands out as the excess of reserves.
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