Stablecoin Issuer Tether Reports Massive U.S. Treasury Stash in First Half of 2024

By
Kyle Torpey
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Kyle Torpey has been writing about Bitcoin since 2013. His work has been featured in Forbes, Fortune, Bitcoin Magazine, Wired UK, and many other media outlets. He has also attracted more than 50,000 followers on Twitter.
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Published July 31, 2024
04:00 PM EDT
An illustration of golden symbolic tether stablecoin An illustration of golden symbolic tether stablecoin

JUSTIN TALLIS / Contributor / Getty Images

Key Takeaways

  • Tether's latest attestation reports $5.2 billion in profits for the first half of 2024 and an all-time high holding of $97.6 in U.S. treasuries.
  • Tether is one of the largest holders of U.S. treasuries in the world.
  • Tether issued more than $8 billion of its stablecoin in the second quarter.

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.

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.

Tether said that in the first half of the year, it ranked third after the U.K. and Cayman Islands in purchases of 3-month Treasurys and "sees the potential of becoming 1st in the next year."

The report indicates Tether holds $4.734 billion worth of bitcoin (BTCUSD) and $5.3 billion in excess reserves.

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Article Sources
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  1. Tether. "Tether Releases Q2 2024 Attestation: Reports Record-Breaking $5.2 Billion Profit In First Half Of 2024, Highest Treasury Bill Ownership Ever and Largest Ever Group Consolidated Equity At Almost $12 Billion."

  2. U.S. Department of Treasury. "Major Foreign Holders of Treasury Securities."

  3. Tether. "Independent Auditors' Report on the Consolidated Financials Figures and Reserves Report."

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