Bitcoin

Tether USDt

Tether, the largest stablecoin and third-largest cryptocurrency by market cap, reported a net profit of $5.2 billion for the first half of 2024. This strong performance is mainly due to Tether’s investments in traditional markets, particularly US Treasuries.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/7cf7c3ce5d9449ae9ede0a7cf5cb19af.png" />While Tether’s short-term growth hasn’t matched some of its competitors, the company’s focus on transparency and financial stability seems to be paying off. Rewrite this in paras with a main headingTether Reports Record Profits and Major Treasury HoldingsTether’s financial report for the first half of 2024 reveals a net profit of $5.2 billion, driven by substantial income from investments in traditional assets. The company achieved a record net operating profit of $1.3 billion for the second quarter, setting a new high for quarterly earnings.Tether has become one of the largest holders of US Treasuries, surpassing countries like Germany. As of the end of the second quarter, Tether held $97.6 billion in T-bills, significantly boosting its revenue and demonstrating strong financial stability.Additionally, Tether reported its highest-ever group consolidated equity, reaching $12 billion as of June 30. This impressive performance underscores the <a href="https://cryptosheadlines.com/coinbase-ceo-armstrong-says-the-company-is-fully-committed-to-the-us-market/" rel="noopener noreferrer nofollow">company’s commitment</a> to maintaining a substantial reserve of traditional assets and transparency.Tether’s Market Position and Stablecoin Sector GrowthThe overall <a href="https://cryptosheadlines.com/stablecoin-supply-surge-fuels-potential-breakout-in-altcoin-market/" rel="noopener noreferrer nofollow">stablecoin market</a> has expanded notably since the collapse of Silicon Valley Bank (SVB). In July, Tether surpassed a circulating supply of $113 billion for the first time since the banking crisis, and its supply has now exceeded $114.4 billion, according to CoinMarketCap. Data from IntoTheBlock shows the total market cap of stablecoins grew from approximately $120 billion in August 2023 to over $160 billion by the end of July 2024.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/fa3252de84b54ae494a7a8d2b367c253.png" />Token Terminal (&#64;tokenterminal) <a href="https://twitter.com/tokenterminal/status/1818653935374147974?ref_src&#61;twsrc%5Etfw" rel="noopener noreferrer nofollow">July 31, 2024</a><a href="https://cryptosheadlines.com/pepe-tops-altcoins-with-6-price-jump/" rel="noopener noreferrer nofollow">Also Read: PEPE Tops Altcoins with 6% Price Jump</a>Despite Tether’s leading position in the stablecoin market, its short-term growth has not matched that of some competitors. For example, Monerium reported a 57.5% increase in just a week, and Inverse Finance saw a 5.7% bump. Tether’s growth has stalled recently, with its supply remaining unchanged over the past week, reflecting its focus on stability rather than rapid expansion.In a related development, a significant transfer of 70 million USDT from Binance to an undisclosed wallet occurred. Tether’s market liquidity ratio stands at around 45% over the past 24 hours, according to CoinMarketCap. While <a href="https://cryptosheadlines.com/advocates-push-for-hong-kong-government-stablecoin-to-rival-tether-and-usd-coin/" rel="noopener noreferrer nofollow">Tether’s growth rate may be slower compared to some rivals</a>, its strong financial performance, including record profits and substantial reserves, positions it well within the stablecoin market.Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.Join Cryptos Headlines <a href="https://linktr.ee/cryptosheadlines.com" rel="noopener noreferrer nofollow">Community</a>Follow Cryptos Headlines on <a href="https://news.google.com/publications/CAAqBwgKMLz3-wowvuzoAg" rel="noopener noreferrer nofollow">Google News</a>

Tether’s 7-Day Growth Slows; But Records High Profit

CryptosHeadlines.com

Other articles published on Aug 1, 2024

Widi Launches D-Blinks for Seamless Discord Transactions

Conflux eSpace Integration: Lower Fees, Higher TPS, and Its Significance in the Best Ongoing Pres...

BIS, Bank of England Introduces Project Pyxtrial to monitor Stablecoin

Cardano Down More Than 4% Within 24 hours

Willy Woo Shared Two Price Scenarios for Bitcoin (BTC): He Said 700 Thousand Dollars Is Possible,...

Tether Reports Record-Breaking $5.2 Billion Net Profit In Latest 2024 Audit

Join our free newsletter for daily crypto updates!