Paolo Ardoino, CTO of Tether, has reported the company’s net profit from October to December of the first quarter was $700 million, which increased their excess reserves of USDT to $1.66 billion. This, in turn, resulted in an equity increase of $960 million by the end of 2022.
Ardoino has additionally noted that Tether had eliminated commercial paper from their balance sheet and would be reducing secured loans in 2023.
By mid-March, USDT had outpaced USDC in terms of capitalization. This gap widened further due to instability in the US banking sector, leading to a temporary deposit of the latter’s nearest competitor.
According to CoinGecko, the combined market value of USDT and USDC currently stands at $78.8 billion and $34.5 billion, respectively.