Tether announced yesterday in a press release it has posted record profits of $5.2 billion for the first half of 2024 and a significant increase in its holdings of US government bonds.
Tether's US Treasury bond portfolio is now valued at approximately $97.6 billion.
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This increase in Treasury holdings reflects the growing popularity of Tether's stablecoins, which are backed by liquid US dollar-denominated assets at a 1:1 ratio, according to independent accounting firm BDO.
Tether's total reserves now exceed $118 billion, and the market capitalization of its USDT stablecoin stands at around $114 billion, according to Binance.