Tether Now Achieves Record $5.2B Profit for H1 2024
On July 31, 2024, Tetherreleased its attestation for the second quarter of 2024, revealing an unprecedented financial performance. Conducted by the global accounting firm BDO, the report highlights Tether’s record-breaking profit and substantial growth in treasury bill holdings.
Tether Releases Q2 2024 Attestation: Reports Record-Breaking $5.2 Billion Profit In First Half Of 2024, Highest Treasury Bill Ownership Ever and Largest Ever Group Consolidated Equity At Almost $12 Billionhttps://t.co/G4pt0xp2bh
The report confirms that Tether achieved a remarkable net operating profit of $1.3 billion for Q2 2024, contributing to a total profit of $5.2 billion for the year’s first half. This marks Tether’s highest-ever profit, showcasing the company’s strong financial performance in recent times.
“With the second quarter attestation of 2024, Tether has once again demonstrated its unwavering commitment to transparency, stability, liquidity, and responsible risk management,” said Paolo Ardoino, CEO of Tether. He continued, “Tether continues to shatter records with a new profit benchmark of $5.2 billion for the first half of 2024.”
Tether's Q2 2024 attestation is out. Another great quarter.
A short summary as of 30 June 2024: * $1.3 billion in net operating profit. * $520 million increase in Tether's Group own equity, bringing it to a total of $11.9 billion. * $5.33 billion in excess reserves * more than… https://t.co/f0vb4VfmYB
A significant achievement highlighted in the report is Tether’s record-breaking U.S. Treasury portfolio, now valued at approximately $97.6 billion. This positions Tether as holding more U.S. Treasuries than Germany, the UAE, and Australia and ranks 18th globally among U.S. Treasury holders. Tether also ranks third in purchasing three-month U.S. Treasuries, following the United Kingdom and the Cayman Islands.
As of June 30, 2024, Tether’s consolidated net equity reached $11.9 billion, with the Group Equity increasing by $520 million despite a drop in Bitcoin prices. Tether’s reserves for its USDT stablecoin now stand at $118.4 billion, exceeding the company’s liabilities by $5.3 billion.
In addition to these financial achievements, Tether has reinvested part of its profits into strategic projects across various sectors, including sustainable energy, AI infrastructure, and telecommunications. This strategic reinvestment bolsters the Tether ecosystem while maintaining substantial excess reserves.
Future Outlook
Looking ahead, Tether anticipates continuing its leading role in the stablecoin industry. The company’s strong financial standing and strategic investments position it well for future growth. The ongoing adoption of USDt and other stablecoins will drive further expansion and influence in global financial markets.
Conclusion
Tether’s second-quarter attestation for 2024 underscores its exceptional financial health and commitment to maintaining industry leadership. With record-breaking profits, unparalleled Treasury holdings, and robust equity, Tether is poised for continued success in the evolving economic landscape.
