- Tether’s Q2 2024 audit shows $118.4 billion in reserves, exceeding liabilities by $5.3 billion.
- Over $97.6 billion is held in U.S. Treasuries, making Tether the 18th largest holder globally.
- Tether has assisted in freezing 1,850 illegal wallets, recovering $113 million in assets.
Tether’s Q2 audit for 2024 disclosed that its reserves were 118.4 billion, exceeding its liabilities by 5.3 billion. It held more than 97.6 billion U.S. Treasuries, making it the 18th largest holder of U.S. Treasuries in the world, ahead of countries like Germany, the UAE, and Australia.
This growing treasury reserve improves the financial backbone for Tether, enhancing investor confidence in the robust reserves and high liquidity of the stablecoin. It further demonstrates the commitment of the company toward financial transparency by releasing regular attestations done by BDO, confirmation of the solidity of its reserves.
The company’s commitment to transparency and its daily reports form a unique insight into the reserves, showing the company is proactive on consumer protection. Cantor Fitzgerald CEO Howard Lutnick notably praised Tether’s financial health, with his emphasis on this reserve-heavy strategy very important.
Tether’s Role in Crime Prevention and Financial Inclusion
Additionally, besides the transparency in finances, Tether cooperated with law enforcement agencies very efficiently within 45 jurisdictions of the world. By making proactive efforts, it has helped freeze around 1,850 wallets implicated in various illegal activities and thus helped recover over $113 million in assets.
The company’s dedicated External Investigations Unit, composed of former law enforcement officials and blockchain forensic analysts, represents an active commitment to combating financial crimes. Its swift moves-like freezing wallets associated with North Korean hackers-are proof of its commitment to protecting the ecosystem.
The company’s impact goes beyond crime prevention. In countries with unstable currencies, Tether’s stablecoin offers a way to access digital dollars, which consequently, promotes financial inclusion for millions. The company’s global access to finance is emphasized by its huge user base, which is estimated at over 350 million users.
Moreover, through a substantial share of U.S. Treasuries, the company upholds the U.S. dollar’s position as the world’s main reserve currency. Regardless of the unpredictability in the market, the company has proven to be a stable force even during the 2022 crypto crash.
The company redeemed $20 billion in USD₮ without disruption within a month with great success and had further solidified its reputation as a dependably stable financial institution in the world of digital currencies. With its transparent operating policies, security features, and contribution to financial inclusion worldwide, Tether remains at the forefront of innovation in the stablecoin sector.
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