Topic: Tether reports $700 million Q4 net profit in latest attestation report (Read 85 times)

Am I the only thinking along these lines? How do we envision the future?

Ok now you lost me. What does President of el salvador or their crypto mining operations have anything to do with tether making profit? How are these things related?

But about taxation, i really doubt that I seriously doubt that el salvador has similar power to track down crypto users and tax them. Especially when citizens aren't using their own fiat money but are dependable of USD and BTC.

Didn't tether seize assets in relation to tornado cash? I wonder if that's considered profit or if they had to hand over that money to somewhere else.

[...]

The general percentage of crypto usage since the adoption decision was announced in El Salvador has not exceeded 6 percent. It is likely that the government will legalize the use of Tether as a more stable alternative to Bitcoin and encourage people to use crypto more.
This option has been on the table since the beginning, since the government wants to use a system that allows it to track citizen s' transfers, as well as the possibility of freezing those assets, which is what the Tether currency allows according to the protocol on which it was built.

Ok now you lost me. What does President of el salvador or their crypto mining operations have anything to do with tether making profit? How are these things related?

But about taxation, i really doubt that I seriously doubt that el salvador has similar power to track down crypto users and tax them. Especially when citizens aren't using their own fiat money but are dependable of USD and BTC.

-cut-
$64.04 dollars in market cap. Am I the only one reads these figures imagining the President of el salvador with dollar signs shining in his eyes. The time is ripe to pump those geothermal crypto mines in el salvador to full operating capacity! Its a good day to legislate "digital nomad" travel visas which entice crypto whale investors to remain resident in places they normally would not have access to.

Many nations around the world are beginning to recognize they can attract billions of dollars in potentially taxable revenues. Could become motivated to legislate laws which are more friendly towards crypto using demographics.

Am I the only thinking along these lines? How do we envision the future?

To be fair, when you have in excess of 60 billion dollars, there are two things that keeps them from making even more money.

Am I the only one reads these figures imagining the President of el salvador with dollar signs shining in his eyes. The time is ripe to pump those geothermal crypto mines in el salvador to full operating capacity!

• Tether issued its latest attestation report, saying its assets exceeded its liabilities as of December 2022.
• The company said it had a net profit of $700 million in Q4 — which it says is additional to its reserves.

Stablecoin issuer Tether released its latest attestation report on Thursday, reporting a "net profit" of $700 million in the fourth quarter of 2022, which it says is additional to its reserves.

"Tether's reserves remain extremely liquid, with the majority of its investments being held in cash, cash equivalents, and other short-term deposits," the company said in a statement while releasing its December report attested by accounting firm BDO. The report notes Tether's consolidated assets exceeded its liabilities as of Dec. 31, 2022.

Tether's consolidated total assets amounted to at least $67.04 billion as of the date, while its consolidated total liabilities amounted to $66.08 billion, per the statement, reflecting excess reserves of at least $960 million.

The $700 million profit is "part of shareholder equity, that is, what's in excess of reserves," a Tether spokesperson told The Block. "It's basically additional capital sitting in the company to further strengthen Tether," they added.

This is the first time Tether has disclosed profit figures. It, however, did not specify how the profit was realized.



Image link:  https://i.ibb.co/5FR4QmN/ss1.jpg

Last December, Tether said it will remove all secured loans from its backing in 2023 after The Wall Street Journal said the company's increasing roster of loans might make it unable to pay back redemptions in the event of a crisis. Per today's report, Tether has reduced its secured loans by $300 million.

Tether CTO Paolo Ardoino said in the statement that the company "once again proved its stability" in the troubled year of 2022. "Not only were we able to smoothly execute over $21 billion dollars in redemptions during the chaotic events of the year, but Tether has on the other side issued over $10 billion of USDT, an indication of continued organic growth and adoption of Tether," he said.

Tether eliminated commercial paper from its reserves last October. Its other assets include corporate bonds, funds and precious metals. Tether's USDT is the largest stablecoin in the market, with a supply of over 68 billion tokens, according to The Block's Data Dashboard.


https://www.theblock.co/post/210023/tether-reports-700-million-q4-net-profit-in-latest-attestation-report