Points
- Tether reported a record net profit of $5.2 billion for the first half of 2024.
- The company’s US Treasury portfolio now exceeds $97.6 billion.
- Tether’s total market capitalization of USDT stands at approximately $114 billion.
- The firm has been reinvesting profits in various sectors, including AI, Bitcoin mining, and telecommunications.
According to a July 31 announcement, Tether, the manager of the dollar-pegged USDT stablecoin, reported record-breaking profits of $5.2 billion in the first half of 2024. This milestone reflects Tether’s strong financial performance and growing influence in the stablecoin market.
The company’s US Treasury portfolio now exceeds $97.6 billion, highlighting its substantial investment in liquid US dollar-denominated assets. Tether’s growth in Treasury holdings is a testament to the increasing adoption of USDT, which Tether claims is backed 1:1 with liquid assets. These figures are based on an attestation by BDO, an independent accounting firm.
Cointelegraph
With a total market capitalization of approximately $114 billion, USDT remains a dominant player in the stablecoin sector
, reflecting its significant role in the cryptocurrency ecosystem. Tether’s reserves exceed $118 billion, showcasing the company’s robust financial health. Tether’s Treasury reserve surpasses the size of all but 17 of the world’s governments, including Germany, the United Arab Emirates, and Australia. Tether has also become the third-largest purchaser of three-month US Treasurys, trailing only the United Kingdom and the Cayman Islands.
Tether’s CEO, Paolo Ardoino, highlighted the company’s strong revenue base from traditional asset-class investments, primarily U.S. Treasuries. This financial strength allows Tether to lead the stablecoin industry in stability and liquidity. Furthermore, Tether has been reinvesting a portion of its profits into adjacent industries such as artificial intelligence, Bitcoin mining, data infrastructure, and peer-to-peer telecommunications technology.
The announcement also revealed that Tether’s consolidated net equity, which represents total assets minus liabilities, stood at $11.9 billion as of June 30. In the second quarter alone, Tether issued approximately $8.3 billion in USDT, underscoring the stablecoin’s continuous issuance and redemption cycle.
Stablecoins like Tether and its rival USD Coin （USDC） are experiencing rapid adoption, with total payments volume surpassing that of Visa, reaching over $4 trillion. Tom Wan, a research strategist, believes that the tokenized U.S. Treasury market could reach $3 billion by the end of 2024, driven by the growing demand for tokenized real-world assets.
解説
- Tether’s record-breaking profits and substantial US Treasury portfolio underscore its financial stability and growing influence in the stablecoin market.
- The continuous growth of USDT’s market capitalization and reserves highlights Tether’s dominance and the increasing adoption of stablecoins.
- Tether’s strategic reinvestments in various sectors, including AI and Bitcoin mining, demonstrate its commitment to leveraging profits for further innovation and diversification.
- The comparison of Tether’s Treasury holdings to those of major world governments illustrates the scale and significance of its financial operations.
- The rapid adoption of stablecoins and the potential growth of the tokenized U.S. Treasury market reflect the evolving landscape of digital finance and the increasing integration of blockchain technology with traditional financial assets.