Stablecoin Issuer Tether Reports $700M Profit for Q4 2022

Tether, issuer of the world's largest stablecoin, USDT, reported $700 million in fourth-quarter profit in its latest attestation report.

The profit has been added to Tether's reserves. Excess reserves stood at least $960 million at the end of 2022.

Assets as of the Dec. 31 stood at $67 billion with liabilities of $66 billion, almost all of which relates to digital tokens issued.

Tether also said it ended 2022 with zero commercial paper.