Tether’s annual profits top $10 billion as Treasury holdings swell
Tether reported annual profits exceeding $10 billion, driven by significant holdings in U.S. Treasuries, which reached $135 billion.Summary
Tether, the largest stablecoin issuer, announced in its latest attestation that its profits for the year have surpassed $10 billion, following $5.7 billion in profit through the first half of the year. This performance occurred as the company issued an additional $17 billion in USDT during the third quarter. Tether CEO Paolo Ardoino cited continued trust in the company despite a challenging macroeconomic environment. As a private company, Tether releases attestations prepared by BDO, rather than standard quarterly reports. The company's total exposure to U.S. Treasuries has swelled to $135 billion, alongside holdings of nearly $13 billion in precious metals and $10 billion in Bitcoin. This news comes as JPMorgan noted that Circle's USDC token is showing faster growth based on on-chain activity and market capitalization, although Tether recently reported reaching over 500 million users and is reportedly seeking a $500 billion valuation.
(Source：The Block)