Tether Holdings Limited has recently made available its December 31, 2022, assurance opinion. BDO, a highly-ranked global independent public accounting firm, completed the opinion.
On February 9, the stablecoin firm released BDO’s assurance opinion. Major global accounting firm BDO has confirmed the accuracy of Tether’s Consolidated Reserves Report (CRR). The CRR provides insight into the assets held by the company as of December 31, 2022.
As per the CRR, Tether ended the year with a total of $67 billion in consolidated assets and excess reserves of at least $960 million. In addition, the report also showed a reduction in secured loans and the highest percentage of assets allocated in US Treasury Bills to date, with over 58% direct exposure.
Stablecoin reserves remain liquid, mostly invested in cash, cash equivalents, and short-term deposits. The report demonstrates stablecoin’s commitment to transparency and stability in the crypto industry.
Paolo Ardoino, Tether CTO, comments on the reserve report release, “Leading transparency, delivering on Tether promise. After a tumultuous end to 2022, Tether has once again proven its stability and resilience, setting itself apart from the industry’s bad actors.
Tether’s Resilience In The Face Of Chaos
Despite the chaos of the past year, Tether was able to smoothly execute over $21 billion in redemptions and issue over $10 billion of USD₮, indicating continued organic growth and adoption.
The company also generated over $700 million in profits last quarter, adding to its reserves. Tether remains committed to rebuilding trust within the crypto industry and setting a positive example for its peers and competitors.
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Therefore, the company’s management states that as of December 31, 2022, its consolidated assets exceed its consolidated liabilities. In conclusion, Tether’s latest consolidated reserve report shows its commitment to transparency and stability in the crypto industry.
However, with its assets surpassing liabilities and a proven track record of resilience in the face of chaos, Tether is poised to continue setting a positive example for its peers and competitors.