Crypto firm Tether estimates it will make $700 million in profit in the March quarter, taking its total excess reserves to over $1.6 billion, its CTO said.
Cryptocurrency firm Tether estimates it will make $700 million profit in the March quarter, taking its total excess reserves to over $1 billion, the company's technology chief told CNBC, revealing the latest figures for the first time.
The value of all the USDT in circulation has grown substantially this month from $70.98 billion on March 1 to $78.14 billion on Thursday, according to CoinMarketCap. Stablecoins are used by traders to move in and out of different cryptocurrencies without the need to convert money back into fiat currencies.
Tether eventually sold all of its commercial holdings and moved into U.S. Treasurys, which are considered a more stable and reliable asset. The company produces so-called attestations, which are reports produced by an auditor to attest to the company's reserves and the assets it holds.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tether (USDT) Largely Outperforms BUSD and USDC, Here's WhyTether $USDT keeps growing, while $BUSD shuts down, here's why, per VanEck's gaborgurbacs. cz_binance $USDC
Read more »
Fashion Brand Guess Now Accepts Bitcoin (BTC), Tether (USDT) in LuganoBitcoin (BTC), Tether (USDT) now accepted by global fashion brand Guess $BTC BTC
Read more »
Tether's (USDT) Market Cap Sees 17% YTD Surge Amidst Banking CrisisTether had previously confirmed having no exposure to SVB or Silverbank.
Read more »
Average used car price has risen by $700 in largest single-week increase since 2021The used car price increase is the biggest for the month of Feb since 2009. Additionally, prices of used cars rose 0.46% for the week ended March 11, which marks the largest increase within a single week since November 2021.
Read more »
Bitget acquires controlling stake in BitKeep with additional investment at $300 million valuationCrypto exchange Bitget has invested a further $30 million in the DeFi crypto wallet.
Read more »
Crypto Finance and Apex Group to Offer Institutional Crypto Products.CryptoFinanceAG has teamed up with financial services provider Apex Global to offer institutional-grade crypto investment products. By JamieCrawleyCD.
Read more »