Tether Reports Record $2.85B Profit as Biggest Stablecoin Nears $100B Market Cap
Stablecoin issuer Tether reported a "record-breaking" $2.85 billion of profits last quarter as its flagship token USDT neared a $100 billion market capitalization.The latest quarterly attestation reported Wednesday showed some $1 billion of the profit came from the interest earned on the company's vast U.S. Treasury, reverse repo and money market fund investments, which are held to back the USDT stablecoin, according to a Tether blog post. The rest came "primarily" from appreciation of Tether's ...
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