Tether had a record profit of $4.52 billion for Q1 2024, demonstrating how profitable the stablecoin industry can be.

Tether CEO Paolo Ardoino is concerned about the EU's MiCA regulation for stablecoins. He asserts that the new requirements complicate stablecoin operations and increase their vulnerability and risk. In other news, Binance has announced plans to restrict "unauthorized" stablecoins in Europe to comply with MiCA, potentially affecting other exchanges and the accessibility of stablecoins like USDT.

Tether's new stablecoin, aUSDT, is a dollar-denominated token backed by the value of gold. Over-collateralized by onchain gold reserves, aUSDT is the first in a series of Tethered Assets that track the reference of another asset through stabilization mechanisms. Tether has hinted that future assets may be yield-backed.

Tether announced that it will discontinue USDT minting on EOS and Algorand but continue to support USDT redemptions on these blockchains for the next 12 months. This is part of its larger strategy to focus resources on platforms that maximize security, efficiency, and user engagement across the broader crypto landscape.

Philip Gradwell, the ex-chief economist at Chainalysis, will become the head of economics at Tether.

Tether's Q2 2024 report reveals record-breaking profits of $5.2 billion and highlights the company's significant ownership of U.S. Treasury bills, which surpass $97.6 billion. The group's equity reached nearly $12 billion, solidifying its financial strength and leadership in the stablecoin market.

Tether (USDT stablecoin issuer) plans to double its workforce to around 200 employees by mid-2025, focusing on expanding its development, investment, and compliance teams in response to significant growth and record profits. This strategic expansion comes as Tether continues to dominate the stablecoin market, despite ongoing competition and past controversies over its reserves.

Tether is investing its massive profits into AI and neural implant companies with assistance from controversial tech investor Christian Angermayer. It has already spent $1.5 billion on majority stakes in Northern Data, a German data center operator, and brain-computer interface maker Blackrock Neurotech. These deals mark an expansion of Tether's business from stablecoins, where it earns $4 billion annually, into new technologies, though Angermayer has a questionable track record on past deals.

Tether, TRON, and TRM Labs have launched the T3 Financial Crime Unit (T3 FCU), a groundbreaking private sector initiative aimed at combating crypto-related crimes on the TRON blockchain, especially involving USDT. By combining blockchain intelligence and anti-crime expertise, the unit has already assisted law enforcement in freezing over $12 million linked to various scams, marking a proactive step in safeguarding the crypto ecosystem.