USDT Stablecoin Publisher, Tether Raup Untung Lebih Dari Rp10 Triliun Pada Kuartal Akhir 2022

Tether for trillions of rupiah during the bear market yesterday. (Photo; Doc. Bitcoinist)

JAKARTA USDT stablecoin publisher Tether has just released its financial statements for the fourth quarter of last year. In the report, Tether announced that it made a profit of 700 million US dollars (Rp10.6 trillion) in the last quarter.

The company stated that it had invested the profits back to strengthen its reserves. By the end of 2022, Tether had reserves exceeding $960 million.

The company's assets amounted to 67 billion US dollars (equivalent to Rp1 quadrillion) with an obligation of 66 billion US dollars, which is almost entirely related to digital tokens issued. Tether also said that they did not have securities in their reserves.

The year 2022 was a difficult year for the crypto world, where digital asset prices dropped drastically and several companies such as FTX, Celsius, and Terra Luna went out of business. However, Tether managed to achieve good results despite these conditions.

Tether's Chief Technology Officer, Paolo Ardoino, stated that his company "distinguishes itself from industry players who are not good" by staying strong and stable during difficult times.

"After a fluctuating end in 2022, Tether has once again proven its stability, resilience, and its ability to deal with declining markets and black-swan events, which distinguish them from bad actors in the industry," Ardoino said, quoted by DailyCoin.

"We can not only smoothly execute more than US$21 billion (approximately Rp318 quadrillion) inciting during this year's chaotic events, but on the other hand Tether has published more than USD10 billion, an indication of continued organic growth and adoption of Tether," he added.

Ardoino added that Tether is a "boost force" in crypto efforts to regain trust in the industry. "We are proud of how Tether continues to be a driving force in rebuilding trust in the crypto industry and we are determined to continue to provide positive examples for our colleagues and competitors."

Currently USDT has become the largest stablecoin in the world by market cap worth more than $68 billion or more than IDR 1 quadrillion. This value exceeds its rival stablecoins, USDC Circle and BUSD Binance.