Tether CTO says USDT reserves will reach $1.6 billion in excess
Paolo Ardoino confirmed that Tether will put its last two-quarter revenue in the USDT reserves.
USDT is the first-ranked stablecoin in the digital assets market by market cap volume and Tether is the back-end company behind this stablecoin which manages all the financial operations behind USDT, to maintain the value of each USDT equal to $1. Tether is the sister company of the popular crypto exchange Bitfinex.
On 24 March 2023, In speaking with CNBC, Tether CTO Paolo Ardoino said that the company generated $700 million in Q4 2022 and Q1 2023 expecting around $700 million.
He noted that the figure will supposedly push the reserve to $1.66 billion.
Tether usually makes money when people transfer their money in the form of USDT. This company also invests some particular portion of money in precious assets and provides money loan services to big institutions and in return generates huge interest profit.
Just a few weeks ago, USDC stablecoin faced high selling pressure, as USDC issuer company Circle was under a hurdle over the financial exposure to failed US bank Silicon Valley Bank (SVB).
Due to panic with the USDC stablecoin, many people shifted their money from USDC to USDT stablecoin.
Recently in another interview, a Tether official said that crypto companies should not remain restricted under a single jurisdiction because it may result in a very big risk.
Recently Circle CEO Jeremy Allaire also said that the majority of the US-regulated crypto companies are under deep anxiety & are feeling unsafe.
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