Tether, the USDT stablecoin company, received a record net profit of $5.2 billion in January-June.
According to the report, operating profit amounted to ~$1.3 billion, mainly as interest income from US Treasury obligations.
The volume of direct investments in these instruments exceeded $80.9 billion, and taking into account cash and other equivalents, including indirectly through REPO transactions, reached $97.6 billion.
According to this indicator, Tether exceeded the values of Germany, the United Arab Emirates and Australia, taking 18th place. According to the pace of purchases of US Treasuries, the company came in third place after the United Kingdom and the Cayman Islands. Management sees the potential to take a leading position, according to a press release
The issuer received the rest of its net profit of ~$3.9 billion due to an increase in the value of positions in bitcoin ($4.7 billion) and gold ($3.8 billion).
Data: Tether.Tether's equity increased to $11.9 billion. As of March 31, the figure was 11.37 billion. The level of excess reserves decreased from $6.26 billion to $5.3 billion.
The company reinvested profits in strategic ecosystem development projects in AI infrastructure, P2P communications, as well as renewable energy and mining. Their total value was $3.5 billion ($4.7 billion as of March 31). Tether did not disclose the details.
https://forklog.com/news/tether-reorganizuet-kompaniyu-i-rasshirit-biznes-za-predely-stejblkoinovThe issuer also reported an increase in over-secured loans in the second quarter from $4.7 billion to $6.6 billion.
The volume of USDT issued in the second quarter increased by $8.3 billion to $118.4 billion.
Recall that Cantor Fitzgerald CEO Howard Lutnik defended Tether amid accusations that the firm was using USDT to finance illegal activities. The financial group holds the collateral for its stablecoin.
In June, the issuer introduced the aUSDT token with collateral in the form of Tether Gold (XAUT) in the Alloy line of "linked assets".