Tether Reports Record $5.2 Billion Profit in H1 2024, Surpassing US Treasury Holdings

• Tether, the leading stablecoin issuer, has unveiled its attestation report for the first half of the year, disclosing an unprecedented profit of $5.2 billion.
• The company reported a net operating income of $1.3 billion for Q2 2024, and its holdings in U.S. Treasury bills have surged to a new peak of $97.6 billion.
• Tether’s CEO, Paolo Ardoino, highlighted the firm’s relentless dedication to transparency and robust risk management in light of these financial milestones.

Tether’s attestation report for H1 2024 highlights a record-breaking profit and significant growth in U.S. Treasury holdings, reflecting its dominant position in the stablecoin market.

Tether Publishes Groundbreaking Attestation Report

On unveiling the attestation report for the first six months of 2024, Tether reported an impressive profit, marking the highest in its history. The audit, conducted by the globally recognized accounting firm BDO, verified the accuracy of Tether’s Consolidated Financials Figures and Reserves Report. This meticulous review detailed the assets and token reserves held by the company up to June 30.

In-depth Review of Financial Performance

Diving deeper into the financials, Tether’s strategy primarily involves investments in traditional assets, especially U.S. Treasuries, making it a significant player in the market. Notably, Tether’s profit from these investments positions it ahead of several nations, with its U.S. Treasury holdings surpassing those of economic heavyweights like Germany and Australia. Currently, Tether is the 18th largest holder of U.S. debt and ranks third in the acquisition of short-term U.S. Treasuries, following entities from the UK and Cayman Islands.

Operational Profits and Supply Dynamics

For the second quarter alone, Tether reported a net operating profit of $1.3 billion, contributing significantly to its robust H1 performance. The company also boosted its USDT issuance by more than $8.3 billion in this period. With the circulating supply of USDT nearly at 117 billion, Tether maintains a reassuring reserve surpassing $118.4 billion, ensuring full backing for its tokens.

Innovative Investments and Strategic Allocation

Tether has clarified that its strategic investments in sectors such as sustainable energy, Bitcoin mining, data, artificial intelligence infrastructure, and peer-to-peer communication technologies are not included in its USDT reserves. These ventures, however, reflect Tether’s forward-looking approach and commitment to diversification.

Significant Equity Growth

By the end of Q2, Tether’s consolidated net equity reached $11.9 billion, a notable increase of $520 million despite market fluctuations in assets like Bitcoin and gold. This equity growth underscores Tether’s resilience and effective financial management amidst varying market conditions.

Conclusion

Tether’s latest attestation report not only highlights its record-setting profits and expansive U.S. Treasury holdings but also underscores its commitment to transparency and responsible financial management. As Tether continues to grow, it solidifies its leadership in the stablecoin market, promising enhanced stability and liquidity for the broader crypto ecosystem.