Tether Limited Inc. The company behind the popular asset-backed cryptocurrency stablecoinTether (USDT) posted an impressive Q4 2022 with $700 million in net income.
This allowed the company to exit commercial paper holdings despite a tough crypto winter, which prompted crypto firms to cut losses by laying off staff.
The The performance of the company is contained in an assurance report dated December 31st 2022 issued by Italia issued by BDO Tether Thursday, one of the top five accounting firms in the world.
The The above report confirms Consolidated Reserves Report (CRR) the company’s investment in listed companies at the end of the previous year December.
2023-02-12 13:12:38
Source from www.ibtimes.com
In stablecoin provider Tether reported $700 million in gains.
Throughout In 2019, the global cryptocurrency market experienced a long period of relative stagnation and bear market conditions. This The sell-off in the value of cryptocurrencies affected trading volumes, especially in the area of alternative (altcoin) currencies. In Despite the general downturn in the market, a blockchain-based project appears to have weathered the storm.
Casting In addition to all the allegations linking its success to manipulating the cryptocurrency market, the stablecoin issuer Tether made more than $700 million in profits. Profits Primarily from its Tether USD currency issuance, which is arguably the largest ‘stablecoin’, despite significant controversy surrounding its ‘pegging’ USD currency claims.
Nevertheless, the project has achieved notable success with its stablecoin issuance model, contributing significantly to its profitability in 2019. Gains have increased with Tether reportedly driving more than $1.5 trillion in cryptocurrency trades in the first nine months of the year, while August-September have risen with volatility in the cryptocurrency market.
These Despite earnings reports coming calls from critics claiming the project was being used to artificially inflate Bitcoin prices, allegedly Tether using its tokens to buy ‘print’ ahead of Bitcoin when the market is weak money.
Looking Going into 2020, Tether is likely to continue to play an important role in the global cryptocurrency market, and its success bodes well for the industry’s health in the year ahead.