The firm’s assets were greater than its liabilities, according to the most recent attestation report from its auditor.
The company behind the biggest stablecoin in the world, Tether, published a third-party attestation report earlier today. The massive accounting firm BDO’s attestation confirmed that the issuer of the USDT has more assets than liabilities. The firm’s excess serves was $960 million with $67.04 billion in assets and $66.08 billion in liabilities.
Tether claims to have made $700 million, yet the report doesn’t mention it.
Tether CTO Paolo Ardoino recently asserted on Twitter that the company had a $700 million net profit in the fourth quarter of 2022. However, the profit was not included in the attestation report by BDO, which looked at the firm’s reserves as of December 31, 2022.
Given that commercial paper was less reliable than other debt products like U.S. Treasury Bonds, the USDT issuer has removed it from its reserves in accordance with its pledge to do so by the end of 2022. Tether’s largest position, US Treasury Bills, was valued at $39.2 billion. Over the same time period, assets invested in corporate bonds, futures, and precious metals increased by $250 million.