$5.2 billion: Tether achieves record profits in 2024

Tether is making record profits. And is on its way to becoming one of the largest holders of U.S. government bonds - despite extreme accusations.

The world's largest provider of stablecoins earned nearly $5.2 billion in profits in the first half of the year. This is according to the audit of BDO, an international accounting firm. They say most of the profit came from U.S. government bonds held by the company.

The size of their holdings is nearly $100 billion. They earn interest on government bonds, the amount of which depends on the holding period. This can vary from a few weeks to several years. Tether ranks 18th among the largest holders of U.S. government bonds and even 3rd among buyers of 3-month U.S. government bonds, right behind the United Kingdom.

According to Bitcoin-Treasuries, Tether also owns about 75,000 Bitcoin worth nearly $5 billion. According to the audit, the company's reserves are worth nearly $118 billion, while its liabilities are $113 billion. This leaves them with about $5 billion in surplus. A billion-dollar empire, but many open questions: Tether has so far never submitted to an independent audit by one of the Big Four, the gold standard.

"We asked the Big Four. They don't want to take the risk." Currently, Tether ranks 3rd among cryptocurrencies, right behind Ethereum. Its market capitalization is $114 billion. Tether constantly faces serious accusations: questionable business practices, the preferred tool for terrorists and other criminals, intransparent structures.