Tether Sees Unprecedented Profits in H1

Tether has reported a net profit of $5.2 billion for the first half of 2024. This remarkable achievement is driven by solid 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 year's first half to a record $5.2 billion.

The report conducted by BDO highlighted that Tether's reserves include over $97.6 billion in U.S. Treasuries, making it one of the top holders of these assets globally.

This amount even surpassed the holdings of several countries. Regarding 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.

Financial Stability and Growth

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.

The company issued over $8.3 billion in USDT in the second quarter. 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.

According to Ardoino, the company also plans to use its expertise in different areas, such as Artificial Intelligence, Biotech, and Telecommunications.