• Tether has managed to improve its financial situation drastically and top it all with a $700 million Q4 net profit.
• A large part of which was commercial paper, however, the improved finances have allowed Tether to get the commercial paper off of its books.
• The attestation report provided by BDO Italia confirmed this, stating that there was no longer any commercial paper backing and that excess reserves of at least $960 million were held.

Tether Improves Financial Situation Despite FUD

Beleaguered throughout 2022, Tether has managed to improve its financial situation drastically and top it all with a $700 million Q4 net profit. Commercial paper backing FUD upon FUD (fear, uncertainty, doubt) has been heaped upon the company behind the Tether USDT stablecoin for quite some time now.

Getting Commercial Paper Off Its Books

A large part of which was commercial paper. However, the improved finances have allowed Tether to get the commercial paper off of its books. It had given itself a target of doing this by the end of 2022 and an attestation report, provided by top-5 accounting firm BDO Italia at the end of December 2022, confirmed this. The report vouched for the integrity of Tether’s own Consolidated Reserves Report, stating that there was no longer any commercial paper backing, that it had $67 billion in consolidated assets, and that it held excess reserves of at least $960 million.

Tether’s Financial Resurgence

In a statement on the company website Paolo Arduino, CTO of Tether said “After a tumultuous end to 2022” his company “has once again proven its stability” setting itself apart from “the bad actors in industry” as well as “smoothly executing over $21 billion dollars in redemptions during chaotic events” plus issuing over 10 billion USD₮ indicating continued adoption growth for their token.

Question Mark Remains

The only real question mark against Tether’s financial situation is that a third-party attestation is only really a snapshot at a particular time and not to be confused with full audit access to their books leading some detractors having suspicions remain until such an audit is completed.

Disclaimer:

This article is provided for informational purposes only and not intended to be used as legal advice or investment advice