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 current announcement that it bought a 9.8% stake in Latin American agricultural big 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 nations 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 degree of openness surpasses that of many conventional monetary establishments, demonstrating Tether’s dedication to shopper safety and regulatory compliance.”
The corporate has additionally established strong compliance measures by partnerships with organizations like Chainalysis. Tether can be concerned in preventing illicit finance by initiatives such because the T3 Monetary Crime Unit.
Tether additionally spoke about how its concerned in supporting regulation enforcement companies worldwide of their efforts to fight monetary crime. The corporate talked about that it has collaborated with 180 companies 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 towards 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 information, USDT is the biggest stablecoin globally. The coin has a market cap of $118.9 million, which is significantly greater than its rival USDC at $35.5 million.