Tether CTO Paolo Ardoino: We Are In Profit And We Trust Our Reserves!

The recent stablecoin emerging from the crisis Tether (USDT) continues to make a profit.

Tether chief technology officer Paolo Ardoino, At Paris Blockchain Week 2023 In an interview, he said that he expects to make a profit of 700 million dollars in the first quarter of 2023 and to reach the same level with the profit in the last quarter of 2022.

Tether Chief Technology Officer Paolo Ardoino Announces Company Profit

I don’t have the final figures yet, but this quarter’s profit will probably match the last quarter of 2022,” said Ardoino, adding that Tether had a profit of $700 million in the 4th quarter of 2022.

Ardoino added that Tether has an additional $950 million on December 31, 2022. The CTO said USDT issuer Tether has up to $1.7 billion in excess reserves.

Tether CTO Paolo Ardoino stated that he believes USDT has become “the safest asset to hold in the world” amid the banking crisis.

He specifically cited the ongoing crisis in the United States banking system, noting that banks like the Bank of Silicon Valley (SVB) have collapsed due to the fractional reserve model.

Ardoino also stated that he is a fan of Bitcoin.

“I love Bitcoin and that’s our hedge and that’s why we’re in Bitcoin because we can’t trust these companies because they take so much risk on customer deposits,” he said.

While USDT’s market dominance is increasing, Circle’s rival stablecoin USDC has been losing market share since its market cap has dropped 18% since late February.

*Not investment advice.