Stablecoin Issuer Tether Reports Massive U.S. Treasury Stash in First Half of 2024
Tether Holdings, issuer of the largest stablecoin by market capitalization, on Wednesday reported a $5.2 billion profit and a massive stash of U.S. Treasurys in the first half of the year in its latest attestation report.
Tether issued over $8.3 billion in its stablecoin, USDt (USDTUSD), during the second quarter. Since it's a U.S. dollar-backed stablecoin, it needs to be backed by cash or equivalent reserves.
Tether reported an all-time high investment in U.S. Treasurys at $97.6 billion via direct and indirect exposure. That would rank it among the top countries in terms of Treasury holdings.
Tether said that in the first half of the year, it ranked third after the U.K. and Cayman Islands in purchases of 3-month Treasurys and «sees the potential of becoming 1st in the next year.»
The report indicates Tether holds $4.734 billion worth of bitcoin (BTCUSD) and $5.3 billion in excess reserves.
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