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Tether CTO expects $700M profit by the end of Q1 2023

Published date:

February 2, 2026

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Paolo Ardoino, the Chief Technology Officer of Tether (USDT), expects the firm’s profits for the first quarter of 2023 to hit $700M.

The CTO of USDT issuer Tether says there is currently $1.7 billion in excess reserves.

At the same time, the Tether company also expects to make $ 700 million in profit in the first quarter of 2023. pic.twitter.com/l4f2VIUSJX
— Ninja Gemz (@NinjaGemz) March 24, 2023

In a recent interview, Ardonio revealed that Tether holds $1.7B in excess reserves that remain invested in short-term US Treasury bills. Referring to the collapse of Silicon Valley Bank (SVB) that led to a mass selloff of USD Coin (USDC), he claimed that USDT remains a safe asset as it does not depend on the fractional reserve model used by banks.

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According to him, Circle, the issuer of USDC, lacked proper risk management as it left $3B worth of uninsured "funds sitting in the bank." Ardonio, however, noted that the crypto industry will not benefit if the price of USDC drops to zero.

Ardoino made these statements after significant turmoil in the stablecoin market caused by the failure of Silicon Valley Bank. Although the stablecoin prices have since returned to normal, many popular stablecoins lost their peg with USD in the second week of March, with USDT being the only exception.

In fact, Tether recently hit its highest stablecoin market dominance in 18 months, thus retaining its spot as the stablecoin with the highest market cap.

Written by

Ayush Pande

Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.

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How we reviewed this article

All Bitcompare articles go through a rigorous review process before publication. Learn more about our Editorial Process and Risk Warning.

Ayush Pande

Written by:

Ayush Pande

Writer

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

About the Author

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

About the Author

Radica Maneva

Reviewed by:

Radica Maneva

Senior Editor

Radica is a Senior Editor at Bitcompare. She has worked for more than a decade at leading publications as an Editor across various industries, including crypto and finance.

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