Tether has reported a net profit of $5.2 billion for the first half of 2024, driven by strong revenue from traditional asset investments.
According to an official announcement by Tether, the second quarter of 2024 marked a significant milestone for the company, with a net operating profit of $1.3 billion. This achievement brought the total profit for the first half of the year to a record $5.2 billion.
Tether Sees Unprecedented Profits in H1
The report conducted by BDO highlighted that Tether’s reserves include over $97.6 billion in the U.S. Treasuries, making it one of the top holders of these assets globally. This amount even surpassed the holdings of several countries.
Tether announces $5.2B profit in first half of 2024 in attestation
$98 Billion in US Treasuries through direct and indirect
Monster printhttps://t.co/cDPwNGvgTy pic.twitter.com/oVz7EelEI0
— Zaheer (@SplitCapital) July 31, 2024
In terms of rankings, Tether ranks 18th among countries owning U.S. debt and third in purchasing 3-month U.S. Treasuries, following only the United Kingdom and the Cayman Islands.
Additionally, Tether’s consolidated net equity was reported at $11.9 billion as of June 30, 2024. This figure reflects the company’s financial stability and capacity to maintain a reserve backing for its tokens.
In the second quarter, the company issued over $8.3 billion in USDT. The report indicates that Tether’s assets exceed its liabilities, confirming its financial health.
Reinvested Profits for Financial Performance
A portion of the profits was reinvested into strategic projects to support the broader ecosystem. Despite an unrealized loss due to a decrease in Bitcoin prices, the positive performance of gold contributed to a net increase in the company’s equity.
“With the second quarter attestation of 2024, Tether has once again demonstrated its unwavering commitment to transparency, stability, liquidity, and responsible risk management,” stated Tether CEO Paolo Ardoino.
“Tether has achieved an impressive and unmatched financial strength enabling it to continue leading the stablecoin industry in stability and liquidity as well as to bring its expertise across different areas such as Artificial Intelligence, Biotech, and Telecommunications,” said Ardoino.
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