Tether's official financial reports or reputable financial news outlets

U.S. Treasury: Stablecoin Growth Boosts T-Bill Demand, Tether Holds $102.5 Billion

Oct 31, 2024, 08:32 PM

The U.S. Treasury has reported that the growth of crypto stablecoins is significantly increasing the demand for Treasury Bills (T-bills). Stablecoin issuers, particularly Tether, are buying substantial amounts of T-bills, with Tether alone holding over $102.5 billion in U.S. Treasury holdings. This surge in demand has prompted the U.S. Treasury to consider the potential replacement of stablecoins with a Central Bank Digital Currency (CBDC). Tether's latest financial report for Q3 2024 revealed a net profit of $2.5 billion, bringing its year-to-date profit to $7.7 billion. The report highlighted that Tether's profits were largely driven by gains from its holdings in U.S. Treasuries and gold. Additionally, Tether's USDT token issuance has reached nearly $120 billion in circulation, reflecting increased demand amid rising inflation. Tether also reported a $6 billion reserve buffer and record high total assets of $134.4 billion.