Crypto firm Tether estimates it will make $700 million in profit in the March quarter, taking its total excess reserves to over $1.6 billion, its CTO said.
Cryptocurrency firm Tether estimates it will make $700 million profit in the March quarter, taking its total excess reserves to over $1 billion, the company's technology chief told CNBC, revealing the latest figures for the first time.
The value of all the USDT in circulation has grown substantially this month from $70.98 billion on March 1 to $78.14 billion on Thursday, according to CoinMarketCap. Stablecoins are used by traders to move in and out of different cryptocurrencies without the need to convert money back into fiat currencies.
Tether eventually sold all of its commercial holdings and moved into U.S. Treasurys, which are considered a more stable and reliable asset. The company produces so-called attestations, which are reports produced by an auditor to attest to the company's reserves and the assets it holds.
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