2024

Bitcoin

Billion

BlackRock

<ul>
 <li>Tether earned $6.2 billion in 2023, outpacing BlackRock.&nbsp;&nbsp;</li>  
 <li>USDT increased its BTC finances, showing its belief in digital assets.&nbsp;&nbsp;</li>  
 <li>The token’s efficient ventures in U.S. Treasury bills boosted its income in 2023.</li> 
</ul>  
<p>Tether, the world’s largest stabilised token issuer, reported $6.2B in revenue in 2023, topping BlackRock’s $5.5 billion earnings. This achievement shows its growing power in the financial world and the increasing influence of crypto. Tether’s Profits Driven by Smart Investments</p>  
<p>The coin’s gains came from its intelligent expenditures in U.S. Treasury costs. These low-risk <a href="https://cryptonewsland.com/5-crypto-portfolio-trackers-reshaping-investment-strategies/" target="_blank" rel="noopener noreferrer nofollow">investments </a>have been very profitable as interest rates have risen. Tether focused on safe, short-term government debt, which allowed the company to take advantage of the favourable economic conditions.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/Cointelegraph/status/1833800208410345584
 </div>
</figure>  
<p>USDT’s reserves, which exceed $80 billion, bring in substantial interest income. This careful commitment plan helped the coin outperform traditional financial giants like BlackRock. The company’s Q2 2024 report revealed $5.2 B profits in the first half of the year, with $1.3 billion earned in the second quarter alone.</p>  
<h2 class="wp-block-heading" id="h-expanding-bitcoin-holdings">Expanding Bitcoin Holdings</h2>  
<p>Tether has also increased BTC’s assets, showing its solid dedication to the virtual money trade. Since September 2022, the organisation has steadily added more Bitcoin, which reflects its belief in the digital asset’s long-term possibilities.</p>  
<p><a href="https://cryptonewsland.com/tether-tron-and-trm-labs-launch-unit-to-combat-crypto-crime-on-tron-network/" target="_blank" rel="noopener noreferrer nofollow">Tether </a>now holds 75,354 BTC, worth about $4.8 billion. This increase not only strengthens its&nbsp; financial position but also fits its broader approach to diversify its resources. Tether also plans to invest in Bitcoin mining operations in Uruguay, Paraguay, and El Salvador to expand its role in the digital asset field.</p>  
<h2 class="wp-block-heading" id="h-challenges-with-transparency-and-regulation">Challenges with Transparency and Regulation</h2>  
<p>Although Tether has been financially successful, it faces ongoing challenges related to transparency and regulation. Some critics have questioned whether USDT’s stable currencies are fully backed by liquid possessions, as the business claims. These concerns have led to more calls for stronger governing errors of coins.</p>  
<p>Tether has responded by releasing quarterly reports that detail its reserves. However, regulatory issues continue to be a challenge for the brand. As Tether grows, it will need to deal with these controlled hurdles to maintain its leading position in the sales.</p> 
<p>The post <a href="https://cryptonewsland.com/tether-beats-blackrock-with-6-2-billion-profit-in-2023/" rel="noopener noreferrer nofollow">Tether Beats BlackRock with $6.2 Billion Profit in 2023</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Tether Beats BlackRock with $6.2 Billion Profit in 2023

Table of Contents

Crypto News Land

Other articles published on Sep 11, 2024

US Congress Debates DeFi’s Pros and Cons

What is Crypto Market Making?

What Caused XRP Price To Crash Today

Avalanche Foundation Announces infraBUIDL() Program to Boost Blockchain Tooling and Infrastructure

Bitcoin ETF security concerns mount after FBI warns of North Korean hackers

Metaplanet Inc. Teams Up with SBI Group for Bitcoin Trading and Custody in Japan

Join our free newsletter for daily crypto updates!