Stablecoin issuer Tether reports $700 million profit, complete exit from commercial paper
Tether, issuer of the world’s largest stablecoin, reported a $700 million fourth-quarter profit and said it completely moved away from holding commercial paper as part of the reserves backing its USDT token.
The majority of its holdings ($39.2 billion) were in U.S. Treasury bills as of Dec. 31, according to an attestation from BDO. The rest of its $67 billion of assets were distributed across money market funds, cash and other items. Secured loans were reduced by $300 million, in line with a plan to reduce them to zero this year.