Tether Discloses $5.2 Billion Profit in First Half of 2024
Stablecoin issuer Tether has released its Q2 2024 attestation report. The report was independently verified by global accounting firm BDO, where the company shared details of its finances in the first half of 2024.
Key points:
- Tether unveils a $5.2 billion profit in the first half of 2024.
- Group equity soared to nearly $12 billion.
- U.S. Treasury holdings reached an all-time high of $97.6 billion.
- Over $8.3 billion in new USDT tokens issued in Q2.
According to Tether, the firm enjoyed a net operating profit of $1.3 billion in Q2. This has pushed the record net profit for the first half of the year to $5.2 billion.
As per the report, Tether’s profit surge is primarily attributed to its strategic investments in U.S. Treasuries. Tether has holdings exceeding $97.6 billion, which positions it as a major player in the U.S. debt market.
According to the data, this surpasses the Treasury holdings of several nations, including Germany, the United Arab Emirates, and Australia. This makes Tether the 18th largest owner of U.S. debt globally.
Also read: Mt. Gox Moves Over $2 Billion in Bitcoin, BTC Price Remains Steady
Tether CEO expresses confidence in the firm’s trajectory
Paolo Ardoino, CEO of Tether, expressed confidence in the company’s trajectory. Ardoino stated, “Tether has achieved an impressive and unmatched financial strength enabling it to continue leading the stablecoin industry in stability and liquidity.”
Ardoino also hinted at the company’s plans beyond the crypto space, mentioning plans into artificial intelligence, biotech, and telecommunications.
Tether’s report also reveals some details about its investment strategy. The company reported a $653 million unrealized loss due to Bitcoin price fluctuations. This was partially offset by a $165 million gain from gold investments.
The attestation report also shows excess reserves worth $5.3 billion set aside to ensure the stability of its USDT token.
Interestingly, Tether disclosed that it’s not considering certain investments as part of its token-backing reserves. These include investments in sustainable energy, Bitcoin mining, data infrastructure, AI, P2P telecommunications, neurotech, and education.
