Tether invests all of its net profits in backing the USDT stablecoin


The issuer of the largest stablecoin by capitalization, USDT, released a statement of reserves, and also reported a net profit of $700 million for the last quarter.

Tether representatives in the report say that the company’s net profit was added to the total reserves of the stablecoin USDT. Now the capitalization of the token is about $66.05 billion, and the additional obligations of the company are just over $25 million.. At the same time, $67.04 billion is stored in Tether accounts.

“Tether reserves are stored in the most liquid assets, and most of them are in cash, their equivalent and short-term deposits.. We have reduced investments in secured loans by $300 million,” the authors of the report assure.

US Treasuries now hold $39.23 billion of USDT collateral, which is about 58% of total reserves.

“We continue to ensure maximum transparency of our reserves. Tether has proven to be stable and resilient even in a turbulent 2022. We coped with both the bearish trend and sharp market drops. We ensured the withdrawal of $21 billion from stablecoins without any problems. Our team is proud that Tether continues to be a driver of restoring confidence in the crypto industry, and we will definitely continue to set a positive example for partners and competitors,” said Tether CTO Paolo Ardoino.

In October last year, the issuer of the largest stablecoin announced that it completely got rid of the shares of commercial companies in USDT collateral.