Tether reports Q2 profit of $ 4.9 billion, CEO teases the American company

On Thursday, Tether reported a profit in the second quarter of $ 4.9 billion, while CEO Paolo Ardoino teased a new, US-specific company for the Stablecoin giant on social media.

In the coming months, the company based on El Salavador will focus on a company that can build a “best-in-class product suite”, which is specifically suitable for the American markets, he he said On X.

In a certificate on Thursday, Tether said that his company generated $ 5.7 billion in the first six months of this year, an increase of 9.6% compared to the same period last year.

With $ 127 billion in exposure to American treasuries, the Stablecoin emittent described himself as one of the greatest holders of the American debt. For reference, Saudi Arabia, according to the American Treasury Dollar value of Treasury Securities in May, had in May. facts.

The newest certificate from the company follows closely after the adaptation of the Genius Act, a milestone piece of crypto legislation in the US that offers a road to lawfulness for companies that issue dollar-made tokens such as Tether and the listed rival circle.

In one document Published on Thursday, Accounting Network BDO said that the support of Tether $ 8.9 billion in Bitcoin and $ 8.7 billion in precious metals. Tether’s Stablecoin is usually supported by $ 105 billion in American treasury, accounting for 64% of his total reserves.

There have been questions about how Tether will adhere to the American rules. In February, JPMorgan analysts stated that Tether could be forced to sell Bitcoin to meet the requirements of the framework for reserves. At the time, Ardoino called The analysts ‘salt’.

“The composition of Tether’s reserves is an example of how private innovation can coordinate on public monetary goals, which serves as a channel for safe, onchain access to the liquidity of the US dollar on a scale,” the company said on Thursday in its attest.

On Thursday, the market capitalization of Tether was around $ 163 billion in the towering over Circle’s $ 64 billion stablecoin, according to Crypto Data Provider Coentecko.

With his surplus money, Tether said that the investment has increased in companies such as twenty-one capital, a Bitcoin Treasury company, and Rumble, an online platform for sharing videos. The company has that too donated Funds in Adecoagro, a farm focused on South America.

Earlier this week, twenty -one said that the 5,800 Bitcoin from Tether had received. With 43,500 Bitcoin worth $ 5.2 billion, the world’s third largest Bitcoin Treasury company has become since it started to collect in May, according to Bitcoin Treasuries.