Tether made $1.5B in net operating profit in Q3. Divide that by the 92 days from July to September and the issuer of $USDT made about $16M a day.
Most of it came from US Treasury bills and reverse repo. Hold short-term government debt against a stablecoin supply that large and the interest does the work.
Excess reserves nearly doubled too, to about $7.95B from $4.1B, per the BDO attestation of the Sep 30 balances. The profit figure itself is Tether's own number.
Meanwhile October was a month of liquidations for most traders. The steadiest earner of the quarter was the company issuing the coin everyone parks in when things go wrong.
$16M a day, every day, whether the market is green or red.
#Tether #Stablecoins
NFA. DYOR.
Most of it came from US Treasury bills and reverse repo. Hold short-term government debt against a stablecoin supply that large and the interest does the work.
Excess reserves nearly doubled too, to about $7.95B from $4.1B, per the BDO attestation of the Sep 30 balances. The profit figure itself is Tether's own number.
Meanwhile October was a month of liquidations for most traders. The steadiest earner of the quarter was the company issuing the coin everyone parks in when things go wrong.
$16M a day, every day, whether the market is green or red.
#Tether #Stablecoins
NFA. DYOR.
