Tether claimed its U.S. Treasury reserve exceeds the size of all governments
Corresponding to information disclosed by ALEX O'Donnell, “Tether, manager of the USDT stablecoin, which is pegged to the dollar, posted record profits of USD 5.2 billion in the first half of 2024 and a larger-than-ever U.S. government bond reserve, according to a July 31 announcement”
In this regard, “Tether's U.S. Treasury portfolio is now worth approximately USD 97.6 billion, according to the company. The growth in the company's Treasury holdings reflects the continued proliferation of Tether's stablecoins, which Tether says are backed 1:1 by liquid U.S. dollar-denominated assets.”
On the other hand, “USDT's total market capitalization stands at about USD 114 billion, according to Binance, slightly less than Tether's total reserves, which exceed USD 118 billion”
Importantly, “The announcement also released figures for Tether's consolidated net worth-the total of all the company's assets minus all liabilities-of USD 11.9 billion as of June 30”
Finally, “Combined with tokenized real-world assets, cryptocurrencies are becoming a major source of demand for U.S. Treasuries”
SOURCES CONSULTED
Cointelegraph. Tether reports record-breaking $5.2B profit in first half of 2024. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
I think tether actually have an unhidden agenda that they are not yet revealing to us but well I am so sure that time will tell