Tether (USDT) reported record net profits of $5.2 billion for the first half of 2024, driven by yield-bearing investments like U.S. Treasuries. This follows a $4.5 billion profit in Q1 and $1.3 billion in Q2.
The company has diversified its investments into Bitcoin mining, peer-to-peer texting, and AI data centers. Despite these gains, skepticism remains about the adequacy of BDO-conducted attestations compared to full audits.
Tether’s dominance in the stablecoin market, with a $114 billion cap, faces challenges from new regulations in Europe and the U.S. Circle has already secured a stablecoin provider license in the EU.
