It has been revealed the fact that Tether managed to achieve something great regarding valuation. Check out the latest reports about this below.
It is reported that the four individuals behind the largest stablecoin globally are each worth over $1 billion, thanks to the rise in market cap of Tether (USDT).
Q1 profit is revealed
Despite the digital asset market’s long bear market, the British Virgin Islands-based company’s profit for Q1 2023 was $1.5 billion, with USDT accounting for more than half of the entire cryptocurrency market’s liquidity.
According to Forbes, Tether could be sold for up to $9 billion, which would make the top four executives billionaires.
Giancarlo Devasini, the CFO who owns over 40% of Tether and is considered the mastermind behind the company, is currently worth at least $4 billion.
The CEO, Jan Ludovicus van der Velde, and the Chief Technology Officer, Paolo Ardoino, both own company shares valued at $1.8 billion each.
The General Counsel, Stuart Hoegner, has a stake worth $1.2 billion. However, regulatory changes could have an impact on Tether’s current valuation.
According to Forbes, the approval of stablecoin regulations in Congress may give Tether’s more compliant competitors an advantage.
IntoTheBlock reported that USDT’s market cap has reached a new all-time high, approaching $84 billion. The analytics firm also noted that USDT’s circulating supply has increased by almost 30% year-to-date.
XRP, ADA, SOL and institutional inflow
According to CoinShares, a digital assets manager, institutional investors are showing increased optimism towards altcoins, even though Bitcoin and the overall market experienced outflows for two consecutive weeks.
CoinShares’ Digital Asset Fund Flows Weekly Report reveals that digital assets have received almost half a billion in inflows midway through 2023.
Last week, digital asset investment products experienced minor outflows of US$21m, with trading volumes for these products totaling US$915m, lower than the weekly average of US$1.5bn so far this year.
