Tether Reports $1.6B in Excess Reserves | News

Tether, the company behind the USDT stablecoin, is expecting to make $700 million profit in Q1 as its main rival faced difficulties amid banking drama in the US. Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world Tether CTO, Paolo Ardoino, told CNBC in an interview the company is on track to get over $1.6 billion in excess reserves by the end of March. The money will stay in Tether as the company wants to “further capitalize the stablecoin,” Ardoino added. Tether makes money in a few ways. One includes charging fees for withdrawing over $1,000 in USDT (with a minimum withdrawal requirement amount of $100,000). The other includes investments in tokens, precious metals and from issuing loans to other institutions, the report notes. As of press time, USDT’s market capitalization is set at $78.5 billion, up 12.3% since April 24. Access more than 50 of the world’s financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange