Tether, the company behind stablecoin USDT, has released its Q2 2024 attestation report, confirming reserves of $118.4 billion.
Key Report Figures
As per the report, the reserves surpass the company’s liabilities by $5.3 billion. Tether’s disclosure of its reserves comes after the firm’s recent announcement that it purchased a 9.8% stake in Latin American agricultural giant Adecoagro for $100 million.
US Treasury Holdings
The attestation report highlights Tether’s major holdings in U.S. Treasuries. As per the report, the holdings amount to over $97.6 billion. This makes Tether the 18th largest holder of U.S. Treasuries globally. Tether has now surpassed countries like Germany, the United Arab Emirates, and Australia in that metric. Howard Lutnick, CEO of Cantor Fitzgerald, has publicly endorsed Tether’s financial backing, stating, "They have the money."
Transparency Reports and Crime-Fighting Measures
In the report, Tether highlighted its daily transparency reports, noting that this level of openness surpasses that of many traditional financial institutions and demonstrates Tether’s dedication to consumer protection and regulatory compliance. The company has established robust compliance measures through partnerships with organizations like Chainalysis and is involved in fighting illicit finance through initiatives such as the T3 Financial Crime Unit. Tether supports law enforcement worldwide in their efforts to combat financial crime, collaborating with 180 agencies across 45 jurisdictions. This collaboration has led to the freezing of approximately 1,850 wallets involved in illicit activities and the recovery of over $113.8 million in assets. Tether has also acted against the North Korean hacking group Lazarus, freezing and blacklisting wallet addresses linked to the group that contained nearly $5 million in stablecoins. As per CoinGecko data, USDT is the largest stablecoin globally, with a market cap of $118.9 million, significantly higher than its rival USDC at $35.5 million.
Tether’s Q2 2024 report demonstrates significant financial stability and a high level of transparency, positively impacting the reputation of the USDT stablecoin among users and regulators.
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