Tether Reports Over $10 Billion in Profits and Launches Share Buyback Program
- Tether’s net profits exceeded $10 billion in the first nine months of the year.
- The market cap of Tether’s USDT reached $174 billion by the end of Q3.
- The company reported $6.8 billion in excess reserves against liabilities of $174.4 billion tied to USDT.
- Tether holds a record $135 billion in U.S. Treasuries, making it the 17th largest holder of U.S. debt.
- The firm plans to issue a new stablecoin, USAT, aimed at the U.S. market later this year.
Tether is expanding its operations amid a growing global demand for stablecoins, with plans for a share buyback program potentially raising up to $20 billion from institutional investors.
With over $10 billion in profits and a significant increase in its USDT supply, Tether is solidifying its position as a leader in the cryptocurrency market.(Source)
