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USDT issuer Tether has up to $1.7B in excess reserves, CTO says


Cryptocurrency firm Tether — the issuer of stablecoin, Tether (USDT) — expects to make a $700 million profit in the first quarter of 2023, matching the profits of the last quarter of 2022, Tether chief technology officer Paolo Ardoino told Cointelegraph at Paris Blockchain Week 2023.

“I don’t have the final figures yet, but the profit of this quarter will probably match the last quarter of 2022,” Ardoino said, adding that in Q4 2022, Tether generated $700 million of profits. He added that Tether also has an “addition to that $950 million” on Dec. 31, 2022, noting:

USDT market capitalization one-year chart. Source: CoinGecko

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