Tether, the issuer of the USDT stablecoin, has announced impressive profits of $5.2 billion for the first half of 2024.
In a July 31 report, Tether also revealed that its portfolio of US Treasuries is now valued at approximately $97.6 billion, a new all-time high. This positions Tether’s Treasury reserves as larger than those of all but 17 countries, surpassing Germany, the United Arab Emirates, and Australia.
Additionally, Tether is now the third-largest purchaser of three-month US Treasurys after the United Kingdom and the Cayman Islands. “Given the trajectory of USDT adoption, <Tether> sees the potential of becoming 1st in the next year,” the company stated.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe – We publish new crypto explainer videos every week!
The announcement also highlighted Tether’s consolidated net equity, which stood at $11.9 billion as of June 30.
In the second quarter alone, Tether issued approximately $8.3 billion in USDT. At the time of writing, USDT has a market capitalization of over $114 billion, just below Tether’s total reserves, which exceed $118 billion.
Paolo Ardoino, CEO of Tether, commented:
Tether has achieved an impressive and unmatched financial strength enabling it to continue leading the stablecoin industry in stability and liquidity as well as to bring its expertise across different areas such as Artificial Intelligence, Biotech, and Telecommunications.
Tether also mentioned investments in various sectors, including sustainable energy, Bitcoin mining, data, AI infrastructure, peer-to-peer telecommunications technology, neurotechnology, and education.
The record-breaking profits and strategic investments position the company for continued leadership in the stablecoin market and beyond.
In other news, Tether has recently announced its new platform, Alloy by Tether, introducing the aUSDT token overcollateralized by Tether Gold (XAUt) and pegged to the US dollar.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
Source link
