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Stablecoin Issuer Tether Reports Massive U.S. Treasury Stash in First Half of 2024
Tether Holdings, issuer of the largest stablecoin by market capitalization, on Wednesday reported a $5.2 billion profit and a massive stash of U.S. Treasurys in the first half of the year in its latest attestation report.1 Tether issued over $8.3 billion in its stablecoin, USDt (USDTUSD), during the second quarter. Since it's a U.S. dollar-backed stablecoin, it needs to be backed by cash or equivalent reserves. Tether reported an all-time high investment in U.S. Treasurys at $97.6 billion via direct and indirect exposure. That would rank it among the top countries in terms of Treasury holdings.2 Tether said that in ... (full story)