Key Takeaway:
USDT issuer Tether reported record-breaking net profits of $1.3 billion in Q2 2024, totaling $5.2 billion for the first half of the year. The company’s investments in U.S. Treasuries and reserves contributed significantly to this growth.
Tether’s Record-Breaking Profits
Tether’s second quarterly attestation revealed a remarkable $5.2 billion in net profits for the first half of 2024. The company’s strategic investments in yield-bearing assets like U.S. Treasuries and reserves have driven this substantial financial success.
Tether’s Dominance Facing Challenges
Despite being the largest U.S. dollar-pegged stablecoin with a market cap of $114 billion, Tether is facing challenges in European and North American markets due to regulatory uncertainties. Competitors like Circle’s USD Coin are poised to challenge Tether’s market share with new regulations.
