Tether Breaks Records with $5.2 Billion Profit in First Half of 2024
Tether, the issuer of the USDT stablecoin, has made waves in the financial world with its announcement of a staggering $5.2 billion profit for the first half of 2024. This news comes as Tether also revealed that its portfolio of US Treasuries has reached a new all-time high of approximately $97.6 billion, surpassing the reserves of many countries including Germany, the United Arab Emirates, and Australia.
In addition to its impressive profits, Tether has solidified its position as the third-largest purchaser of three-month US Treasurys, trailing only behind the United Kingdom and the Cayman Islands. With the company’s trajectory of USDT adoption, Tether aims to become the top purchaser in the coming year.
CEO Paolo Ardoino expressed pride in Tether’s financial strength, emphasizing the company’s commitment to stability and liquidity in the stablecoin industry. Tether has also diversified its investments across various sectors such as sustainable energy, Bitcoin mining, AI infrastructure, and more.
The record-breaking profits and strategic investments have positioned Tether as a leader in the stablecoin market and beyond. The company’s recent announcement of Alloy by Tether, introducing the aUSDT token overcollateralized by Tether Gold (XAUt), further demonstrates its innovation and commitment to growth.
With a strong focus on blockchain education and market trends, Tether continues to pave the way for the future of digital currencies. As the industry evolves, Tether remains at the forefront, driving progress and transformation in the crypto space.
