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’s technology chief told CNBC, revealing the latest figures for the first time.

Ardoino revealed the latest figures while defending Tether’s record of backing its USDT stablecoin with assets.

The value of all the USDT in circulation has grown substantially this month from $70.98 billion on March 1 to $78.14 billion on Thursday, according to CoinMarketCap.

That growth has come thanks in part to people flocking to USDT after rival Circle, which issues the USDC stablecoin, revealed it had exposure to the now-collapsed Silicon Valley Bank.

Paolo Ardoino, Tether’s chief technology officer, said the company estimates that the excess reserves will increase by $700 million in the current quarter, which is not yet over. That would take Tether’s excess reserves to $1.66 billion. And it would be the first time Tether crosses the $1 billion mark.

(By Arjun Kharpal)

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