Stablecoin Issuer Announces Big Revenue Loss in 2022

stablecoin Issuer MakerDAO’s earnings report for 2022 has been officially announced. According to the report, the company suffered a huge loss in revenue last year when the bear market hit.

According to the report by independent auditor Steakhouse Financial, the issuer of the dollar-indexed DAI stablecoin MakerDAOsaw an 80% decline in annual revenue. The issuer’s annual revenue fell 42% from 2021 to $65 million, while expenses rose to $46 million. Thus, MakerDAO’s net profit for 2022 was recorded as $19 million.

Both the crypto market and macroeconomic conditions played an important role in the decline in the profit of the stablecoin issuer. While the bear market continues FTX And Celsius The bankruptcy of actors such as these decreased the confidence in the sector. On the macroeconomic side, rising interest rates had a negative impact.

Crypto Company Returns to Real Assets

MakerDAO last year to improve collateralization of the DAI stablecoin “real world asset support” switched to a new model.

As a result of the restructuring, the amount of real assets increased 37 times to reach 640 million DAI by the end of 2022.

The impact of the new model is clearly visible in the balance sheet report. Real world assets accounted for 70% of MakerDAO’s December 2022 monthly revenue.

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