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Tether Chief Technology Officer Paolo Ardoino believes the company’s success is due to the fact that people want access to financial freedom.
“Tether offers a safe haven for those without access to banking services, allowing people in developing countries to maintain their purchasing power even when their national currency devalues,” explained the top executive.
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Stablecoin USDT is backed by real assets such as fiat currency and bonds, so it is always held at a stable 1:1 level against the U.S. dollar, Tether assures.
The company’s report says that Tether’s performance in the first quarter of 2023 was very positive overall, with net income of $1.48 billion, which boosted its own reserves significantly;
According to the company’s latest USDT Stablecoin issuer certification for February 2022, its consolidated assets exceeded its consolidated liabilities by $140 million. At the beginning of May 2022, the capitalization of USDT set the previous record at $83 billion;
In March 2023, Paolo Ardoino said the company had about $1.6 billion in excess reserves to support its stable coin.</nbsp