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.
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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.
