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Tether, the issuer of USDT, in its latest post, announced its plans to expand its focus beyond the <a href="https://news.todayq.com/us-senators-introduce-bill-to-regulate-stablecoins/" rel="noopener noreferrer nofollow">stablecoin</a> offering. The company is looking to broaden its business in divisions like Data, Finance, Power, and Education. Tether’s this move comes in when it has faced increased regulatory scrutiny from top watchdogs. Tether drops new plans 
Paolo Ardoino, CEO of Tether, stated that within only 10 years, USDT has become the financial backbone of communities in developing countries. He highlighted that Tether is one of the biggest holders of US treasury bills in the world.
He added that the company has been working with over 124 Legal entities across 40 countries. This is being done to keep the ecosystem safe. However, USDT recently crossed $109 billion in market cap. Its circulating supply stood at 109,031,963,305 USDT, while its total supply stood at 111,941,048,614 USDT, at the press time.
Tether has come a long way to become the biggest stablecoin in the crypto industry. Earlier, Circle’s USDC used to own this position. However, it is now the second biggest stablecoin with a market cap of $32.72 billion. USDC holds a circulating supply of 32,712,706,828 USDC, while, its total supply is 32,712,706,828 USDC.
USDT’s 24 hour trading volume is up by 18% to stand at almost $76 billion. On the other hand, USDC’s 24 hour trading hovers around $9.6 billion. This shows how investors are choosing Tether over Circle’s stablecoin. What does its executive say? 
Ardoino mentioned that Tether is more than just a stablecoin as their team mindset, vision, and ethos span across different industries. He specified that it includes from from P2P telecommunications to Bitcoin mining. It goes from education to Artificial Intelligence infrastructure.
As per the details shared by Tether, its profit for quarter 4, 2023 turned out to be $2.85 billion out of which $1 billion is in net operational profit. However, the rest $1.85 Billion comes from gold and Bitcoin holdings. Its total profit in 2023 was calculated to be $6.2 billion.
It added that the cash &amp; cash equivalents cover 90% of all issued tokens. This is the highest percentage in the last years. However, the total US Treasury bill exposure including both direct and indirect is valued at around $80.3 billion.
Tether CEO stated that excess equity was at $5.4B billion. It is the undistributed profits on top of 100% reserves that Tether holds back all issued tokens.

Tether expands beyond USDT, What is it up to?

Todayq News

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