$10 billion: Tether makes more profit than Deutsche Bank
- Stablecoin giant Tether has generated a record profit of $10 billion in the first three quarters, according to a recent financial report.
- According to the announcement, the earnings contribution stems primarily from interest income on short-term US Treasury bonds and money market instruments. Smaller returns are also included from gold and Bitcoin holdings, as well as from infrastructure investments.
- With these figures, Tether is seeking to catch up with various major banks. For example, its current profit surpasses that of Deutsche Bank (US$6.5 billion after taxes) and is close to that of large US financial institutions such as Morgan Stanley or Goldman Sachs (around US$16 billion each).
- Tether also emphasizes that the reserves fully cover the circulation of USDT and are held predominantly in short-term, highly liquid assets.
- The holdings of US Treasuries remain the central component of the company's cover. According to company figures, it holds more than $135 billion in US Treasury securities, surpassing countries like Germany, which, according to the US Treasury Department, holds approximately $107 billion.
- Tether even speaks of a “backing” of its stablecoins. However, an audit by one of the major accounting firms is still lacking to definitively confirm the backing of USDT.
- At the same time, the company points to investments in energy and data center infrastructure. Tether is pursuing an ambitious goal: to become the world's largest Bitcoin miner by the end of the year.
Tether sees potential in the Bitcoin business. Potential that you too can leverage through Coinbase. New customers on the crypto exchange even receive €30 in Bitcoin as a gift when they invest at least €30. Sign up now!
Recommended video: Bitcoin sales: Was Germany really that “stupid”?
Sources:
- Tether Q3 Attestation
- Net profit Deutsche Bank
- Germany's US Treasury bonds
Eine Quelle: btc-echo.de
