Crypto Market is Bleeding, Tether Makes Lots of Profits!

Bittime - Tether posted a $5.2 billion increase in revenue in the first half of the year, driven by investments and large asset holdings. 

However, USDT is increasingly under scrutiny for its role in money laundering, with a UN report saying more than $17 billion of USDT is connected to criminal activity.

Stablecoin Announces Tether Revenue, Even Lots of Profits

The stablecoin issuer announced that its revenue increased by $5.2 billion during the first half of the year. Due to its rapidly growing investment arm and huge holdings of assets, such as money market funds, US Treasury bonds, and cash, Tether now looks more like an investment fund.

Now, the EU is forcing issuers to comply with strict new regulations on managing and backing their stablecoins, resulting in several exchanges delisting such stablecoins this summer.

Law Enforcement Agencies Aware of USDT's Role

Meanwhile, law enforcement agencies around the world are increasingly aware of USDT's role in money laundering. The UN Office on Drugs and Crime in January reported that over a year, ending last September, more than $17 billion in USDT was connected to underground crypto exchanges, illegal trading and criminal activity.

Tether Jumps 8% in US Treasury Holdings

For now, Tether uses quarterly reports from Italian accounting firm BDO to explain its holdings. On June 30, Tether jumped 8% in US Treasury holdings, reaching $97 billion. After Tether reported an incredible profit of $4.5 billion in the first quarter of this year, which was an increase of 61% quarter-over-quarter, this new report emerged.

Conclusion

Tether, the largest stablecoin issuer, actually recorded an extraordinary increase in revenue despite the crypto market experiencing a significant decline. Tether is becoming more and more like an investment fund thanks to its fast-growing investment arm and holdings of significant assets such as money market funds, US Treasury bonds and cash. Tether's revenue increased by $5.2 billion during the first half of the year.

In contrast, law enforcement is increasingly aware of USDT's role in money laundering and other criminal activities. According to the UN Office on Drugs and Crime, illegal trading and underground crypto exchanges amounted to more than $17 billion USDT in the past year. Additionally, with a reported first-quarter profit of $4.5 billion, Tether's holdings in US Treasuries increased 8% to $97 billion at the end of June.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.