Tether reports record-breaking $5.2 billion profit in H1 2024

Source: Crypto Briefing

Tether has released its Q2 2024 attestation, conducted by BDO, revealing a record-breaking $5.2 billion profit for the first half of 2024. The report showcases Tether’s net operating profit of $1.3 billion in Q2 alone.

The attestation highlights Tether’s $97.6 billion ownership of US Treasuries, positioning the company 18th in the rankings of countries owning US debt and 3rd in purchases of 3-month US Treasuries.

Notably, Tether’s consolidated net equity reached $11.9 billion as of June 30, 2024, with the Group Equity increasing by $520 million in Q2. This growth occurred despite a $653 million unrealized loss due to Bitcoin price fluctuations, partially offset by a $165 million unrealized gain from gold performance.

The report confirms that Tether’s existing reserves for its USD Tether (USDT) tokens in circulation amount to $118,436,336,293, while liabilities total $113,101,998,938. The value of assets in the reserves exceeds liabilities by $5,334,337,355.

“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,” stated Paolo Ardoino, CEO of Tether.

Moreover, Ardoino stated that Tether Group’s equity reaching $11.9 billion is “an impressive and unmatched financial strength” enabling it to continue leading the stablecoin industry in “stability and liquidity.” He also mentions Tether expanding its expertise to other sectors, such as Artificial Intelligence, Biotech, and Telecommunications.

The attestation also notes that Tether issued over $8.3 billion in USDT during Q2 2024, further solidifying its position in the stablecoin market.

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Author: Gino Matos