cryptopolitan.com
Tether, the company behind stablecoin USDT, has released its Q2 2024 attestation report, confirming reserves of $118.4 billion.
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.
Tether’s US Treasury holdings amount to $97.6 billion
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. He stated, “They have the money,” and praised Tether’s backing.
Tether touts its daily transparency reports
In the report, Tether has highlighted its daily transparency reports. The stablecoin issuer stated, “This level of openness surpasses that of many traditional financial institutions, demonstrating Tether’s dedication to consumer protection and regulatory compliance.”
The company has also established robust compliance measures through partnerships with organizations like Chainalysis. Tether is also involved in fighting illicit finance through initiatives such as the T3 Financial Crime Unit.
Tether also spoke about how its involved in supporting law enforcement agencies worldwide in their efforts to combat financial crime. The company mentioned that it has collaborated with 180 agencies across 45 jurisdictions.
The 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 also spoke about how it took action against the North Korean hacking group Lazarus. Tether has frozen and blacklisted wallet addresses linked to the group that contained nearly $5 million in stablecoins.
As per CoinGecko data, USDT is the largest stablecoin globally. The coin has a market cap of $118.9 million, which is considerably higher than its rival USDC at $35.5 million.