Tether, the corporate behind stablecoin USDT, has launched its Q2 2024 attestation report, confirming reserves of $118.4 billion.
As per the report, the reserves surpass the corporate’s liabilities by $5.3 billion. Tether’s disclosure of its reserves comes after the agency’s latest announcement that it bought a 9.8% stake in Latin American agricultural large Adecoagro for $100 million.
Tether’s US Treasury holdings quantity to $97.6 billion
The attestation report highlights Tether’s main holdings in U.S. Treasuries. As per the report, the holdings quantity to over $97.6 billion.
This makes Tether the 18th largest holder of U.S. Treasuries globally. Tether has now surpassed international locations like Germany, the United Arab Emirates, and Australia in that metric.
Howard Lutnick, CEO of Cantor Fitzgerald, has publicly endorsed Tether’s monetary backing. He acknowledged, “They’ve the cash,” and praised Tether’s backing.
Tether touts its each day transparency reviews
Within the report, Tether has highlighted its each day transparency reviews. The stablecoin issuer acknowledged, “This stage of openness surpasses that of many conventional monetary establishments, demonstrating Tether’s dedication to shopper safety and regulatory compliance.”
The corporate has additionally established sturdy compliance measures via partnerships with organizations like Chainalysis. Tether can also be concerned in preventing illicit finance via initiatives such because the T3 Monetary Crime Unit.
Tether additionally spoke about how its concerned in supporting regulation enforcement businesses worldwide of their efforts to fight monetary crime. The corporate talked about that it has collaborated with 180 businesses throughout 45 jurisdictions.
The collaboration has led to the freezing of roughly 1,850 wallets concerned in illicit actions and the restoration of over $113.8 million in property.
Tether additionally spoke about the way it took motion in opposition to the North Korean hacking group Lazarus. Tether has frozen and blacklisted pockets addresses linked to the group that contained practically $5 million in stablecoins.
As per CoinGecko knowledge, USDT is the most important stablecoin globally. The coin has a market cap of $118.9 million, which is significantly larger than its rival USDC at $35.5 million.
