Tether Resumes USDT Loans
Tether Limited, the issuer of USDT, the largest stablecoin by market cap, has just resumed loans in the asset, The Wall Street Journal has reported.
The news contrasts with the company’s February announcement it intended to wind down its secured lending before the end of the year.
According to the latest reports, the volume of loans extended during the second quarter has increased from $5.3 billion to $5.5 billion.
The company has not disclosed borrowers or collateral.
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Tether Holdings spokesperson Alex Welch has said:
“During the second quarter of 2023, we received a few short-term loan requests from clients with whom we have cultivated longstanding relationships, and we made the decision to accommodate these requests.”
According to him, the loans will be repaid in 2024.
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Tether has previously reported net profit of $850 million during Q2. According to the document, 85% of USDT’s collateral comes from cash and cash equivalents.