The December 31, 2022 attestation report completed by BDO, a top-five ranked international independent public accounting firm, was made public by Tether Holdings Limited today, 9th of February, 2023. The attestation confirms the integrity of Tether’s Consolidated Reserves Report (CRR), which outlines the Group’s holdings as of December 31, 2022. Tether concluded 2022 with no commercial paper, at least $67 billion in consolidated total assets, and excess reserves of at least $960 million, according to the CRR, which also reveals that it reduced its secured loans as committed.
With the majority of its investments being held in cash, cash equivalents, and other short-term deposits, Tether’s reserves continue to be incredibly liquid. A $300 million reduction in secured loans, a $700 million net profit added to Tether reserves in the final quarter of 2022, and the highest percentage of assets allocated to US Treasury Bills to date—more than 58%—are all highlighted in this most recent report, which shows the company’s commitment to transparency.
The CRR also shows that Tether’s consolidated assets are once again greater than its consolidated liabilities, and the BDO attestation independently verifies this.
According to Tether’s blog post, the following assertions are made by the company’s management as of December 31, 2022:
At least US$ 67,044,148,175 is held in the Group’s consolidated total assets, and total liabilities for the Group as a whole are US$66,083,530,757, of which US$66,057,260,169 are related to digital tokens issued. And lastly, the Group’s combined assets are more than its combined liabilities.
Commenting on this, The CTO of Tether, Paolo Ardoino, explained that the presentation of the consolidated reserve report further reinstates Tether’s commitment to leading the crypto industry with transparency. Expanding on this, he revealed Tether has once again demonstrated its stability, resilience, and capacity to withstand bear markets and black swan events, distinguishing itself from the negative actors in the sector after a turbulent end to 2022. Not only were they able to perform over $21 billion in redemptions without incident during the turbulent events of the year, but Tether has also issued over $10 billion in USD, showing that the currency continues to expand organically and be used.
Tether increased its reserves by nearly $700 million over the past quarter. According to Paolo, the Tether community is pleased with the fact that they have remained a driving force in restoring trust within the cryptocurrency sector. He added that they were adamant about continuing to lead by example for both their peers and competitors.
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