Global accounting firm BDO’s latest proof report confirms stablecoin issuer Tether’s claims that it finally removed its commercial paper holdings from its reserves in Q4 2022.
BDO’s Independent Accountants Report, released on February 8, reviewed Tether’s Consolidated Reserve Report (CRR) as of December 31, 2022.
The CRR also shows that Tether has reduced its secured loans by $300 million and increased its allocation to US Treasury bills, which currently account for 58% of its assets.
“In our opinion, the CRR prepared by the Group’s management as at 31 December 2022, in all material respects, is fairly presented in accordance with standards, including management’s key accounting policies. increase.”
Tether CTO Paolo Ardoino To tell The company was also able to generate more than $700 million in net profit despite a crypto winter that saw the rest of the industry down in Q4 2022.
“Tether has demonstrated a superior approach to risk management. [it] To maintain its leadership while consolidating its interests. Having a safe, conservative, and profitable business that doesn’t need to beg for money from VCs has always been his main focus with Tether. “
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should exercise caution before making risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your money transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. The Daily Hodl participates in affiliate marketing.
Generated image: In the middle of the journey