Tether Puts $700M of Net Profit in Q4/2022 to Reserves
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Tether, the company that issues the USDT stablecoin, has reported $700 million of net profit in Q4, 2022 even despite a series of shocks that questioned the stablecoin's reserves.

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As per a blog post, Tether's consolidated total assets in the last quarter 2022 amounted to $67 billion, while its liabilities amounted to $66 billion. Tether also reported zero commercial paper as the company is now focused on cash, cash equivalents, and other short-term deposits.

Paolo Ardoino, CTO of Tether, said that the company amid the crypto winter managed to not only execute over $21 billion dollars in redemptions, but also issued over $10 billion of USDT.

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Tether started removing commercial paper from USDT's collateral in October last year, replacing with US Treasury Bills. The company said that by reducing commercial papers, it wants to demonstrate its commitment to "backing its tokens with the most secure reserves in the market."

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