Tether's CEO announces a shift to a new venture within the United States, following a net profit of $4.9 billion in Q2.
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In a significant move, Tether, the company behind the leading stablecoin, has announced plans to expand its operations in the United States. This initiative comes in light of favourable U.S. legislation—the GENIUS Act—which provides a regulatory framework for dollar-pegged tokens like Tether’s USDT.
According to Tether's CEO, Paolo Ardoino, the company aims to build a best-in-class product suite, including stablecoins tailored specifically for the American market. The goal is to create solutions designed for the highly efficient U.S. financial ecosystem.
Tether's financial performance for the first half of 2025 has been impressive. The company reported a record net profit of $5.7 billion, with Q2 alone contributing $4.9 billion to this total. This represents a 9.6% increase from 2024. The profit breakdown includes $3.1 billion from recurring operations and about $1.8 billion from mark-to-market gains on Bitcoin and gold holdings.
During Q2, Tether issued $13.4 billion in new USDT tokens, pushing the stablecoin’s total supply above $157 billion. The company reported total assets of $162.57 billion against liabilities of $157.1 billion, maintaining a strong net asset position over $5.4 billion.
Tether is also one of the largest holders of U.S. Treasuries, with exposure exceeding $127 billion. This key part of its diversified reserves also includes Bitcoin and precious metals.
Meanwhile, other players in the cryptocurrency market are also making headlines. Hamieverse, for instance, has tapped Abstract to power its debut blockchain game and purpose-driven ecosystem. Elsewhere, an Arthur Hayes-backed altcoin has outpaced the crypto market amid a new partnership with Anchorage Digital.
In other news, the circulating supply of Memecoin 'SATOSHI' has launched its first presale, heralding the return of Satoshi Nakamoto's vision. PulseChain adoption is rising as Ethereum projects migrate to its faster, cheaper blockchain.
Naoris Protocol, on the other hand, has launched a $120,000 post-quantum bug bounty amid growing cryptographic security focus. Plume was featured in the White House Digital Asset Policy Report, while Falcon Finance had USDf listed on VOOI's Omnichain Perps and RWA Exchange.
However, not all news in the financial world is positive. A bank insider drained $195,000 from churches, kids museum, and customers, faking their own death to prevent recovery of incriminating evidence. US lawmakers have also subpoenaed JPMorgan Chase CEO Jamie Dimon and Bank of America Boss Brian Moynihan over their role in a Tesla supplier's IPO.
In conclusion, the cryptocurrency market continues to evolve, with Tether leading the charge in the U.S. with its expansion and record profits. As always, it's a dynamic and intriguing landscape to watch.
- Tether's expansion in the U.S. is expected to include the development of altcoins tailored for the American market, leveraging the company's expertise in cryptocurrency and blockchain technology, and capitalizing on the favorable regulatory environment provided by the GENIUS Act.
- In a notable development, Hamieverse, a player in the cryptocurrency market, has partnered with Abstract to build a blockchain game and ecosystem, indicating a growing trend of businesses integrating blockchain technology into various industries.
- Meanwhile, in the traditional finance sector, instances of unethical practices have come to light, such as a bank insider draining funds from various sources and US lawmakers subpoenaing CEOs of JPMorgan Chase and Bank of America over allegations related to an IPO, highlighting the ongoing need for regulatory oversight in both traditional and digital finance.
