Tether Expects $700 Million Profit in Q1, Boosting Reserves Above $1 Billion

Tether, the cryptocurrency firm behind the stablecoin USDT, estimates that it will make a $700 million profit in the March quarter, according to the company's technology chief, Paolo Ardoino. The profit would take the company's total excess reserves to over $1 billion, the first time Tether has crossed the $1 billion mark. Tether has been criticised for a lack of transparency around the assets it holds in reserve to back its digital currency. However, the company has moved into US Treasurys, which are considered more reliable. Tether makes money from fees, investments in digital tokens and precious metals, and issuing loans to other institutions.