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.

The banking sector could potentially undergo a much-needed revamp, but until then, investors appear to be scrambling for a safety net. As the traditional financial world is rocked by the Credit Suisse chaos and the failure of a series of US banks, investors have flocked to the largest stablecoin, Tether (USDT).

The often-controversial tether (USDT) stablecoins emerged as the best bet for traders looking for a stable haven earlier this month following a series of banking troubles in the U.S.

Tether’s USDT supply reached 74 billion for the first time since May 2022, according to CryptoSlate’s data.

Cathie Wood's Ark Investment has raised more than $16 million for two new private crypto funds as digital assets resume rally despite increasing regulatory pressure.

Tether’s stablecoin market capitalization swelled to nearly $75 billion on Thursday morning, its highest level since May 2022, data from CoinGecko shows.

In a rapid turn of events, Tether’s stablecoin dominance has surged to its highest point in a year and a half, a feat crypto watchers attribute to difficulties surrounding rival stablecoins USDC and BUSD.

According to Santiment, about $1 billion USDT left exchanges and were moved into self-custody multiple times in the last ten days. This was an uncommon occurrence because the act had only happened eight times over the last 365 days before now.

Tether doesn't have any exposure to Signature Bank.

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