Bitfinex CTO: This is how we make profits from the USDT cryptocurrency
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Answer Bitfinex CTO: This is how we make profits from the USDT cryptocurrency
The digital dollar coin (USDT) has become among the digital currencies that are strongly present in the list of the largest cryptocurrencies by total market capitalization.
It ranks fourth in terms of total market capitalization, and has surpassed Bitcoin in daily trading volume, and in the past few days it has reached $51 billion in daily trading volume.
Paolo Arduino, chief technical officer of Bitfinex, says that USDT or Tether is a “huge” money mover for exchanges, despite the legal troubles it sustained in last year’s investigation.
According to an interview with Paolo Arduino with Source On March 10, he announced that Bitfinex is the main operator of the USDT digital currency.
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Which is backed by the US dollar, and has been subjected to a lot of controversy regarding its support.
While Tether was originally billed as 1:1 backed by the US dollar.
Bitfinex revealed that the coin is only 74% backed after last year’s investigation.
Cryptocurrency exchange Bitfinex has been accused of using Tether reserve funds to cover $850 million in losses.
How does the USDT stablecoin make money?
Despite spending more than $500,000 on legal costs related to the case, Paolo Arduino, chief technical officer at Bitfinex, calls the digital dollar a major driver of money in exchanges.
Where he stated:
USDT moves funds massively, which is one of the reasons USDT is our reliable horse.
He concluded by saying:
USDT yields are basically a cash portfolio and safe investments like Treasuries, so you can easily understand that if you can get a 3.5% return per year on a market cap of $4 billion, or $4.8 billion now.
Which means interesting money and with some math, it’s worth over $100 million.
Arduino added:
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The majority of Tether reserves are held in cash rather than investments.
He concluded by explaining the sudden boom in stablecoins, claiming that others are trying to get a piece of the pie.
Read also:
Tether launches a stable digital currency backed by gold!
Why is Tether USDT always recording high trading volume?
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