The world’s largest stablecoin issuer, Tether, has released its attestation report for the first half of the year, revealing a record $5.2 billion profit.
According to an official release from the firm, Tether recorded a net operating profit of $1.3 billion in the second quarter of 2024, and its ownership of United States Treasury bills hit a new all-time high of $97.6 billion.
Tether Releases Attestation Report
Tether revealed that the review was conducted by BDO, a global independent accounting firm, and confirms the accuracy of its Consolidated Financials Figures and Reserves Report. The review broke down its assets and token reserves held as of June 30.
The company’s $5.2 billion profit for the first half of 2024 is its best result since inception. Tether boasts a strong revenue base from traditional asset-class investments, primarily U.S. Treasuries. The firm is currently more exposed to Treasuries than Germany, Australia, and the United Arab Emirates.
Tether ranks 18th on the list of countries and entities owning U.S. debt and third in purchases of three-month U.S. Treasuries, following the United Kingdom and the Cayman Islands. The company sees itself ranking first next year based on the growth trajectory of its largest product and stablecoin USDT.
Paolo Ardoino, CEO of Tether, said: “With the second quarter attestation of 2024, Tether has once again demonstrated its unwavering commitment to transparency, stability, liquidity, and responsible risk management. As shown in this latest report, Tether continues to shatter records with a new profit benchmark of $5.2 billion for the first half of 2024.”
Tether’s Equity Jumps $520M
Furthermore, Tether issued more than $8.3 billion USDT in the second quarter of the year. The stablecoin’s circulating supply is roughly 117 billion, but Tether claims it has over $118.4 billion in reserves for the token, with consolidated assets exceeding consolidated liabilities.
The stablecoin issuer clarified that it does not consider investments it made into other sectors, including sustainable energy, Bitcoin mining, data, artificial intelligence infrastructure, and peer-to-peer telecommunications technology, as part of its USDT reserves.
As of June 30, Tether Group’s consolidated net equity was $11.9 billion. The Group’s equity increased by $520 million in the second quarter, partially offset by the drop in bitcoin and gold prices.
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#AANews #CryptoNews #Tether(USDT) [Source: CryptoPotato]