Tether Reports Record $5.2 Billion Profit in First Half of 2024
Tether has reported a net profit of $5.2 billion for the first half of 2024, driven by strong 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 first half of the year to a record $5.2 billion.
The report conducted by BDO highlighted that Tether’s reserves include over $97.6 billion in the U.S. Treasuries, making it one of the top holders of these assets globally. This amount even surpassed the holdings of several countries.
Tether announces $5.2B profit in first half of 2024 in attestation
$98 Billion in US Treasuries through direct and indirect
Monster printhttps://t.co/cDPwNGvgTy pic.twitter.com/oVz7EelEI0
— Zaheer (@SplitCapital) July 31, 2024
In terms of 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.
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.
In the second quarter, the company issued over $8.3 billion in USDT. The report indicates that Tether’s assets exceed its liabilities, confirming its financial health.
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
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