Tether Holdings Ltd., the operator of the largest stablecoin, said it posted net operating profit of $1.3 billion in the second quarter, as interest earned from its holdings of US Treasuries helped to offset a decline in the value of Bitcoin.
See Also
Public information and stablecoin runsCommunity banks are oddly silent on the looming stablecoin threatDeutsche Bank Cites Nearly 300 Failed FX Pegs as Stablecoin Risk5 Best Stablecoins for Crypto Payments in 2024The market value of Tether’s USDT token has climbed to above $114 billion, as the demand for the stablecoin rose during this year’s crypto rally. The British Virgin Islands-incorporated company didn’t disclose how net operating profit is derived in the statement it released Wednesday. Net profit was a record $5.2 billion in the first half the year, the company said.
