Tether announced a $5.2 billion net profit for the first half of 2024, primarily 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
According to the BDO analysis, Tether is one of the world’s largest holders of US Treasury bonds, with reserves totaling over $97.6 billion. This sum even exceeded the holdings of a number of nations.
Tether announces $5.2B profit in first half of 2024 in attestation
— Zaheer (@SplitCapital) July 31, 2024
$98 Billion in US Treasuries through direct and indirect
Monster printhttps://t.co/cDPwNGvgTy pic.twitter.com/oVz7EelEI0
Tether is ranked third in terms of buying 3-month U.S. Treasuries, behind only the Cayman Islands and the United Kingdom, and eighteenth among nations with U.S. debt.
Furthermore, as of June 30, 2024, Tether’s consolidated net equity was reported to be $11.9 billion. This number represents the company’s ability to sustain a reserve backing for its tokens as well as its financial stability.
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 part of the earnings was put back into well-thought-out initiatives to maintain the ecosystem as a whole. The company’s equity increased net as a result of the positive performance of gold, notwithstanding an unrealized loss resulting from a decline in the price of Bitcoin.
“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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