Tether now holds more US Treasury bonds than Germany, Australia, and UAE
The post Tether now holds more US Treasury bonds than Germany, Australia, and UAE appeared on BitcoinEthereumNews.com.
Tether, the issuer of the leading stablecoin USDT, is one of the most profitable companies in the crypto industry. Tether is also the 18th largest holder of US Treasury bonds, surpassing three significant economies in Q3 2024. According to recently shared Q3 2024 results, Tether disclosed ownership of $102.5 billion in U.S. Treasury bonds. Paolo Ardoino, Tether CEO, went to X for comments on the matter, celebrating the company’s milestone in having more US treasuries exposure than Germany, Australia, and the United Arab Emirates (UAE). This happens as USDT increases its dominance in the cryptocurrency market, with over 70% of all stablecoins’ total capitalization. Notably, Tether’s USDT surged above the $120 billion market cap level, leading in exchange volume and increasing its relevancy. Tether’s USDT market cap and dominance, daily chart. Source: TradingView / Finbold / Vinicius Barbosa Tether Q3 2024 results and USDT reserves and treasur One of the market’s biggest concerns regarding Tether is the company’s reserves to back all issued USDT, keeping the peg. On that note, the Q3 2024 results show $134.4 billion in the Group’s consolidated total assets, including over $6 billion in excess reserves – on top of the 100% reserves in liquid assets that back all issued tokens. In this last quarter, Tether amassed $2.4 billion in net profits. Particularly having $1.3 billion in net profits derived from its U.S. Treasury exposures, according to Paolo Ardoino. Moreover, the remaining $1.1 billion was acquired from Tether’s gold holdings, thanks to the commodity’s remarkable rally this year. “The numbers above are extremely significant, especially because the majority of USDT usage is concentrated in developing countries and emerging markets. It’s evident that USDT is the digital dollar for hundreds of millions of people who have been left behind by the banking industry because they are too…
Filed under: News - @ November 1, 2024 12:22 pm