Tether, the issuer of the largest stablecoin USDT, estimates that the excess reserve on the stablecoin will reach over $1.6 billion this quarter.
Tether CTO Paolo Ardoino In a statement to the media, Tether said at the end of the current quarter. 700 million they predicted that they will make a profit in dollars and the total excess reserve 1.66 billion dollar for the first time 1 billion your dollar over He said he will come out.
of capital earned to stablecoin more support in order to provide will stay with the company stating that the CTO, as they always do in the current situation, keep your reserves said they would.
On the other hand, recently the US-based crypto-friendly three banks and Switzerland-based Credit Suisse When asked whether the ongoing banking crisis with Tether will destroy Tether, the CTO said: “All institutions that criticize us continue to question us, who are unaffected, as we go towards bankruptcy step by step.” gave the answer.
Also, Silicon Valley Bank from the closure Another stablecoin issuer affected Circle’s (USDC) the opportunity created that they evaluated Ardoino stated that it is currently the safest port to deposit money. Tether claimed to be.