Crypto firm Tether says it has around $1.6 billion in excess reserves to back its USDT stablecoin

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 issues the USDT stablecoin, which is pegged one to one with the

Highlights

• 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 issues the USDT stablecoin, which is pegged one to one with the U.S.
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• The last report Tether released covering the December quarter showed it had more assets than liabilities.
• Tether didn’t reveal the type of firms or geographical location of companies it had brought the debt from, which are considered a more stable and reliable asset to back its stablecoin.
• It would be the first time Tether has crossed the $1.66 billion mark for its excess reserves.

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