Tether Holdings Limited – the company behind the largest stablecoin USDT – revealed a net profit of around $700 million in the fourth quarter of 2022.

It ended last year with excess reserves of $960 million and at least $67 million billion in consolidated total assets.

Even though 2022 devastated the entire cryptocurrency sector, Tether’s net profits increased by over $700 million in Q4. It reduced its secured loans by $300 million and revealed a direct exposure of over 58% to US Treasury Bills. 

The data further showed that the firm finished last year with zero commercial paper and excess reserves of $960 million. Its consolidated total assets stand at $67 billion, while total liabilities equal $66 billion (almost 100% of the amount relates to issued tokens).