Tether’s $5.7B YTD profit sets stage for new U.S. stablecoin in Q4
Main Idea
Tether plans to launch a new U.S.-focused stablecoin in Q4, separate from USDT, as part of its compliance push under the new stablecoin law, the GENIUS Act, following a reported $5.7 billion YTD profit and $127 billion in U.S. Treasury bills exposure.
Key Points
1. Tether CEO announced plans to launch a new U.S.-focused stablecoin in Q4, separate from USDT, targeting the institutional market for payments and interbank settlements.
2. Tether's YTD profit surged to $5.7 billion, with $127 billion in U.S. Treasury bills exposure backing its global stablecoin USDT.
3. The new stablecoin venture is part of Tether's compliance efforts under the GENIUS Act, which requires 100% backing of reserve assets by U.S. institutional investors.
4. USDT's market cap reached a record high of $163.6 billion, maintaining a $100 billion lead over the second-largest stablecoin, USDC.
5. The new U.S. stablecoin will be designed for the 'highly efficient' U.S. market, focusing on institutional use cases.
Description
Tether CEO announced plans to launch a new U.S.-focused stablecoin from Q4.
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