Tether Says Crypto Reserves Boosted by $700 Million in Profit

Tether Holdings Ltd, the entity behind the largest stablecoin, said more than $700 million in “net profit” was added in the fourth quarter to the reserve that backs the world’s most traded digital asset.

Tether didn’t specify how the net profit was realized and has not previously quantified its financial results, and the figure was not included in a Feb. 9 attestation of its reserves conducted by accounting firm BDO Italia. Third-party attestations are not the same as financial audits, as they are limited to a snapshot in time and do not allow full access to a company’s books. ...