• Tether recently published an independent attestation report from accounting giant BDO Italia, which revealed that the USDT issuer had eliminated its exposure to commercial paper as of 31 December 2022.
• CTO Paolo Ardoino claimed that the company had made a profit of $700 million in the fourth quarter.
• According to the report, U.S. Treasury bills were the largest holding in Tether’s reserves at $39.2 billion, and Money Market Funds were second at $7.3 billion.
Tether Publishes Attestation Report
Tether recently published an independent attestation report put together by accounting giant BDO Italia. The report revealed that the USDT issuer had eliminated its exposure to commercial paper as of 31 December 2022.
Profit Claimed by Tether CTO
Paolo Ardoino, the Chief Technology Officer at Tether, informed his followers on Twitter that his firm had turned a net profit of $700 million in the fourth quarter of 2022. Furthermore, the USDT issuer had successfully eliminated its exposure to commercial paper.
Reserves Overview
The consolidated reserves report as of 31 December 2022 revealed that the firm’s assets exceeded its liabilities by over $930 million. The consolidated total assets stood at $67.04 billion, against consolidated liabilities totaling $66.08 billion. According to a statement by Tether, their reserves are extremely liquid with no exposure to commercial paper and US Treasury bills being their largest holding in reserve at 39 2 billion and money market funds second with 7 3 billion worth of holdings
Reduction in Secured Loans
Interestingly, it was also noted that there was a 300 million reduction in secured loans between Q3 and Q4’s consolidated reports which could explain why they saw such a large drop in total asset value between these two reporting periods
No Mention Of Profit Claim By CTO
Surprisingly enough, despite Ardoino’s claims about profits made in this period not being mentioned anywhere within BDO Italia’s attestation report leaving many questions unanswered about where this figure came from and how true it is