According to Tether Chief Technology Officer Paolo Ardoino, who spoke to Cointelegraph at Paris Blockchain Week 2023, the cryptocurrency company Tether anticipates making a $700 net revenue in the first quarter of 2023. The CTO of Tether continued by claiming that because the company differs from banks that employ the fractional reserve mechanism and is built on a distinct business strategy, USDT is increasingly the safest asset to possess globally.

The SVB Collapse’s Impact on Circle has Caused a Lot of Issues

As USDT market domination has increased, USDC, a competing stablecoin from Circle, has seen its market share decline and its market worth fall by 18% since around late February. Due to Circle’s exposure to the failure of SVB, the USDC stablecoin suddenly lost its 1:1 linkage with the US dollar, which has caused significant problems. After Circle announced Cross River as a new economic partner and the expansion of its relationships with BNY Mellon, the stablecoin was re-pegged.

As was previously reported, Tether aggressively decreased its commercial paper support last year and will finally eliminated it by the end of 2022. Tether was substituting U.S. Treasury Bills for the commercial paper that had been taken out of its reserves. The announcement comes as Tether’s market domination continues to grow, with USDT’s market value increased by roughly $8 billion since February 28. According to statistics from CoinGecko, the market value of USDT is currently $79 billion, which has been the maximum level since May 2022.

The profit for this period will probably mirror that of the last half of 2022, according to Ardoino, who added that Tether made $700 million in earnings during Q4 2022 despite not having the full numbers yet. He continued by saying that Tether will have an additional $950 million on December 31, 2022.

Bitcoin, According to Paolo Ardoino, is the Best Way to Store Capital

The most ideal way to keep wealth, according to Paolo Ardoino, is Bitcoin. Recent developments in the cryptocurrency world have shown this, he claimed. During Paris Blockchain Festival 2023, Paolo Ardoino, the chief technical officer of Tether, spoke with Cointelegraph writer Joseph Hall about issues such as how USD Coin broke its dollar linkage and how it emphasizes the value of Bitcoin BTC and decentralization. According to the Tether CEO, a stablecoin issuer’s responsibility is to use all of its resources to defend reserves and funds.