Just-In: USDT Issuer Tether Reports $5.2 Bln Profit

USDT Stablecoin issuer Tether Holdings Ltd has released its attestation report for the second quarter (Q2) of this year. Beyond maintaining its dominance for the quarter, the firm said it has grown its profit base significantly. Unlike anything it has recorded before, the USDT issuer said its profit hit $5.2 billion in the first half of the year.,Tether has maintained its stance as the first and most adopted stablecoin in the market. Beyond the impressive profit figures, the firm said it became the largest US Treasury Bill holder in the quarter. It is worth noting that BDO, a leading global independent accounting firm conducted the assurance attestation. This has given Tether a solid trust level in its balance sheet.,The report shows that Tether ended up with a net operating profit of $1.3 billion. The stablecoin issuer acknowledged that this is the best result it has ever recorded. Cumulatively, it translated to a record net profit of $5.2 billion for the first six months of the year. Tether attributed this financial strength to its strong and persistent revenue base from traditional asset-class investments which is mostly US Treasuries.,With this level of profit, Tether’s exposure to Treasuries ranks higher than that of Germany, United Arab Emirates and Australia. At a time when interest rate policies are uncertain, Tether has showcased its sustainable model to maintain its profit margin.,“Tether has achieved an impressive and unmatched financial strength enabling it to continue leading the stablecoin industry in stability and liquidity as well as to bring its expertise across different areas such as Artificial Intelligence, Biotech, and Telecommunications,” Tether CEO Paolo Ardoino said.,On the other hand, Tether’s rival Circle is actively involved in implementing robust regulation in European Union stablecoin ecosystem. Since the launch of the Market in Crypto Asset (MiCA) regulation, the framework has gained significant traction. Much more, USDC issuer Circle is confident in its capacity to revolutionize the crypto landscape.,Circle’s policy head, Patrick Hansen attended the recent ETHCC event and while speaking, he outlined the transformative impact MiCA could have on the industry. He is optimistic that EUR stablecoins will grow significantly, potentially increasing their market cap fivefold and surpassing €1 billion in the next one to two years.,Unfortunately, Tether does not agree that MiCA is good for the stablecoin market, especially not for United States dollar-pegged stablecoins.,Read More: The Bahamas Introduces New Revised Crypto Law After FTX Saga,