Tether reports record-breaking $5.2B profit in first half of 2024
Tether said its US Treasury reserve surpasses the size of all but 17 of the world’s governments.
According to a July 31 announcement, Tether, manager of the dollar-pegged USDT (USDT) stablecoin, reported record-breaking profits of $5.2 billion in the first half of 2024 and a larger-than-ever stockpile of United States government bonds.
Tether’s US Treasury portfolio is now worth approximately $97.6 billion, the company said. The growth in the company’s Treasury holdings reflects the ongoing proliferation of Tether (USDT) stablecoins, which Tether says are backed 1:1 with liquid US dollar-denominated assets. The figures are based on an attestation by BDO, an independent accounting firm.
The total market capitalization of USDT stands at some $114 billion, according to Binance, slightly less than Tether’s total reserves, which exceed $118 billion, Tether said.
Go to Source
Author: Alex O’Donnell
