According to the results of the first quarter, Tether expects to receive a net profit of $700 million, which will increase excess USDT reserves to $1.66 billion. CNBC declared CTO by Paolo Ardoino.
According to the results of October-December, the issuer earned $700 million. As a result, as of the end of 2022, equity increased to $960 million.
Back then, Ardoino recalled that Tether had zeroed out commercial paper on its balance sheet and made a commitment to cut secured loans during 2023.
In mid-March, USDT doubled USDC in terms of capitalization. Turbulence in the US banking sector, resulting in a short-term depeg nearest competitor, further widened this gap.
At the time of writing, the combined market value of USDT and USDC is $78.8 billion and $34.5 billion, respectively, according to CoinGecko.
Ardoino was surprised at the question of the ability of Tether to withstand an event like a collapse SVB. The top manager lamented that there are still skeptics who doubt USDT reserves even after the problems with major US banks.
“Seriously, after Credit Suisse and everyone else that is failing, are you looking at Tether again? The company makes money, and institutions go bankrupt. If you need to invest somewhere, USDT is the safest of all options.” Ardoino concluded.
Earlier, Tether analyzed articles from The Wall Street Journal and accused the publication of being biased against the company.
Recall that in February, the media reported on the placement of USDT reserves in Cantor Fitzgerald and Capital Union.
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