Tether Expects $700 Million Profit in Q1, Boosting Reserves Above $1 Billion
Tether, the cryptocurrency firm behind the stablecoin USDT, estimates that it will make a $700 million profit in the March quarter, according to the company's technology chief, Paolo Ardoino. The profit would take the company's total excess reserves to over $1 billion, the first time Tether has crossed the $1 billion mark. Tether has been criticised for a lack of transparency around the assets it holds in reserve to back its digital currency. However, the company has moved into US Treasurys, which are considered more reliable. Tether makes money from fees, investments in digital tokens and precious metals, and issuing loans to other institutions.
Recusandae alias cumque qui et et nulla. Aut fuga voluptas magni debitis sapiente mollitia. Eos harum alias mollitia voluptate laudantium.
Recusandae mollitia corrupti quis aut. Nobis ea corrupti molestiae sit qui est eaque facere. Eaque maiores architecto eum hic rerum suscipit.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...