tl;dr
Tether Holdings Ltd has released an attestation report for Q2, showing a record net profit of $5.2 billion for the first six months of the year. Tether maintained its dominance as the most adopted stablecoin and became the largest US Treasury Bill holder in the quarter. The report, verified by BDO, ...
Tether Holdings Ltd has released an attestation report for Q2, showing a record net profit of $5.2 billion for the first six months of the year. Tether maintained its dominance as the most adopted stablecoin and became the largest US Treasury Bill holder in the quarter. The report, verified by BDO, reflects Tether's solid financial position and sustainable revenue base from traditional asset-class investments.
In contrast, Tether's rival Circle is optimistic about the MiCA regulation's transformative impact on the stablecoin market in the European Union. However, Tether disagrees with Circle's stance, particularly regarding USD-pegged stablecoins.
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.
On the other hand, Tether’s rival Circle is actively involved in implementing robust regulation in the 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.