Technology
Stablecoin Issuer Tether Says Profit Was $13 Billion Last Year
- Tether stablecoin issuer added more exposure in Treasuries
- USDT tokens in circulation increased to more than $143 billion
The market value of Tether’s USDT token in circulation has climbed to above $143 billion, as demand for stablecoins continued to go up during the crypto bull market.
Photographer: Gabby Jones/BloombergThis article is for subscribers only.
Tether Holdings Ltd., the stablecoin issuer that was pulled into the spotlight this week during the confirmation hearing for Donald Trump’s pick to run the Commerce Department, said it made an eye-popping $13 billion in profits last year.
Howard Lutnick, the president’s nominee, is the head of Cantor Fitzgerald LP, which serves as a key banking partner for the world’s largest issuer of stablecoins. During the hearing, Lutnick disclosed that Cantor Fitzgerald has a convertible bond with Tether, and he said that stablecoins denominated in dollars should be audited.