Rising interest rates make stablecoin issuance a profitable business. Tether_to reported an operating profit topping $1B in Q2, not that much less than that of asset management giant BlackRock over the same period. $BLK $USDT sndr_krisztian reports.
Tether is the issuer behind the $83 billion USDT, the largest stablecoin by market capitalization, and some smaller stablecoins. USDT is a key piece of the crypto ecosystem facilitating trading and asset transfers.
Issuing fiat-backed dollar-pegged stablecoins is a lucrative business due to rising U.S. government bond yields, the primary reserve asset for USDT. Tether's reported profits are close those of asset management giant BlackRock – with more than $9 trillion in assets under management –Tether, however, continues to receive a fair amount of scrutiny for its
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