Tether, the issuer of the USDT stablecoin, has introduced spectacular income of $5.2 billion for the primary half of 2024.
In a July 31 report, Tether additionally revealed that its portfolio of US Treasuries is now valued at roughly $97.6 billion, a brand new all-time excessive. This positions Tether’s Treasury reserves as bigger than these of all however 17 nations, surpassing Germany, the United Arab Emirates, and Australia.
Moreover, Tether is now the third-largest purchaser of three-month US Treasurys after the UK and the Cayman Islands. “Given the trajectory of USDT adoption,
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The announcement additionally highlighted Tether’s consolidated internet fairness, which stood at $11.9 billion as of June 30.
Within the second quarter alone, Tether issued roughly $8.3 billion in USDT. On the time of writing, USDT has a market capitalization of over $114 billion, slightly below Tether’s whole reserves, which exceed $118 billion.
Paolo Ardoino, CEO of Tether, commented:
Tether has achieved a formidable and unmatched monetary power enabling it to proceed main the stablecoin trade in stability and liquidity in addition to to carry its experience throughout completely different areas corresponding to Synthetic Intelligence, Biotech, and Telecommunications.
Tether additionally talked about investments in varied sectors, together with sustainable power, Bitcoin mining, information, AI infrastructure, peer-to-peer telecommunications expertise, neurotechnology, and training.
The record-breaking income and strategic investments place the corporate for continued management within the stablecoin market and past.
In different information, Tether has not too long ago introduced its new platform, Alloy by Tether, introducing the aUSDT token overcollateralized by Tether Gold (XAUt) and pegged to the US greenback.
Having accomplished a Grasp’s diploma in Economics, Politics, and Cultures of the East Asia area, Aaron has written scientific papers analyzing the variations between Western and Collective types of capitalism within the post-World Struggle II period.
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