2024-11-01 00:06:58

#CryptoObserversq Tether reports record profits amid rising demand for USDT 💵

Stablecoin issuer USDT, Tether, reported a record profit of $2.5 billion in the third quarter of 2024, increasing its yearly income to $7.7 billion. The financial rise of the company reflects the growing demand for USDT - there are now nearly 120 billion tokens in circulation, which is 30% more than at the beginning of the year.

Tether reserves, primarily backed by US Treasury bonds totaling $102.5 billion, make it one of the largest holders of US debt🇺🇸

Tether also diversified its assets by investing in renewable energy and AI sectors, allowing the asset portfolio to increase to $134.4 billion - a strategy aimed at strengthening the company's position in the face of increased regulatory scrutiny

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

4 Likes