Tether Reports Q2 Profit of $4.9 Billion, CEO Teases U.S. Venture

Main Idea
Tether reported a second-quarter profit of $4.9 billion and announced plans for a new U.S.-specific venture, while its stablecoin remains partly backed by Bitcoin and precious metals.
Key Points
1. Tether's second-quarter profit reached $4.9 billion, with a 9.6% increase in the first six months of the year.
2. CEO Paolo Ardoino announced plans for a new U.S.-focused venture aimed at building a 'best-in-class product suite'.
3. Tether's stablecoin is backed by $105 billion in U.S. Treasuries (64% of reserves), $8.9 billion in Bitcoin, and $8.7 billion in precious metals.
4. The company holds $127 billion in U.S. Treasuries, matching Saudi Arabia's holdings as of May.
5. Tether's market capitalization stands at $163 billion, significantly larger than Circle's $64 billion stablecoin.
Description
The stablecoin giant said it has $127 billion in exposure to U.S. Treasuries.
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