#Tether, the company behind the popular #USDT stablecoin, is on track to make a whopping $700 million profit in Q1 2023! 💰 This will boost its total excess reserves to over $1 billion for the first time ever 🎉👏
Tether CTO, Paolo Ardoino, revealed these figures exclusively to CNBC, highlighting the company’s ongoing success in the #crypto market. 📈
USDT is a stablecoin pegged 1:1 to the U.S. dollar, backed by real-world assets like fiat currency and U.S. Treasurys. Traders use stablecoins like USDT to move between different cryptocurrencies without needing to convert back into fiat. 💱🔄
Tether has addressed transparency concerns by selling its commercial paper holdings and moving into U.S. Treasurys, a more stable and reliable asset. The company now produces attestations, audited reports that confirm its reserves and asset holdings. 📊🔍
As the first stablecoin issuer to cross the $1 billion excess reserves mark, Tether continues to lead the way in the world of #stablecoins and #digitalcurrency! 🌐💪
