**Tether Reports Record Profits and Expanding Treasury Holdings**

Tether, the company behind the USDT stablecoin, announced record-breaking profits of $5.2 billion for the first half of 2024. They also revealed a substantial increase in their US Treasury holdings, now valued at approximately $97.6 billion. This growth reflects the rising adoption of USDT, which Tether claims is backed 1:1 with liquid US dollar assets.

As of June 30, Tether's consolidated net equity stands at $11.9 billion, with the total market capitalization of USDT around $114 billion. Tether’s Treasury reserves now surpass the size of all but 17 world governments, including Germany and Australia.

CEO Paolo Ardoino highlighted Tether's reinvestment in various sectors like AI, biotech, and sustainable energy. The company aims to lead the stablecoin industry in stability and liquidity.

Stablecoins, including Tether and US Dollar Coin (USDC), are rapidly gaining traction, particularly for cross-border payments. Research suggests that stablecoins could see their total payments volume exceed Visa, potentially reaching over $4 trillion. The tokenized US Treasury market is also expected to hit $3 billion by the end of 2024.