Tether Reports Record $5.2 Billion Profit in H1 2024, Achieves Highest Treasury Bill Ownership

Tether
Holdings
Limited
has
released
its
assurance
opinion
for
the
second
quarter
of
2024,
conducted
by
BDO,
a
leading
global
independent
accounting
firm.
According
to

Tether,
the
attestation
reaffirms
the
accuracy
of
Tether’s
Consolidated
Financials
Figures
and
Reserves
Report
(CFFRR),
providing
a
detailed
breakdown
of
the
assets
held
as
token
reserves
and
key
consolidated
financial
figures
as
of
June
30,
2024.

Record-Breaking
Financial
Performance

Building
on
the
momentum
from
Q1
2024,
Tether
reported
a
net
operating
profit
of
$1.3
billion
for
Q2
2024,
culminating
in
a
record
net
profit
of
$5.2
billion
for
the
first
half
of
the
year.
The
company
attributes
this
performance
to
a
strong
and
persistent
revenue
base
from
traditional
asset-class
investments,
primarily
U.S.
Treasuries.

Unprecedented
Treasury
Bill
Ownership

Q2
2024
also
saw
Tether
achieve
an
unprecedented
level
of
direct
and
indirect
ownership
of
U.S.
Treasuries,
surpassing
$97.6
billion.
This
milestone
places
Tether
above
Germany,
the
United
Arab
Emirates,
and
Australia
in
terms
of
U.S.
debt
ownership.
Tether
now
ranks
18th
among
countries
owning
U.S.
debt
and
3rd
in
purchases
of
3-month
U.S.
Treasuries,
following
the
United
Kingdom
and
the
Cayman
Islands.
Given
the
trajectory
of
USDt
adoption,
Tether
anticipates
potentially
becoming
the
top
holder
within
the
next
year.

Consolidated
Equity
and
Transparency

In
Q2
2024,
Tether’s
Group
Equity
increased
by
$520
million,
despite
a
drop
in
BTC
prices
accounting
for
a
$653
million
unrealized
loss,
which
was
partially
offset
by
a
positive
performance
in
gold,
contributing
$165
million
in
unrealized
gains.
Tether’s
consolidated
net
equity
reached
an
impressive
$11.9
billion
as
of
June
30,
2024.

Part
of
the
profits
from
Q2
were
reinvested
into
strategic
projects
to
support
the
ecosystem,
while
maintaining
$5.3
billion
in
excess
reserves
to
ensure
the
stability
of
its
token.
Over
$8.3
billion
in
USDt
was
issued
during
this
period,
reaffirming
Tether’s
strong
financial
position,
with
consolidated
assets
exceeding
consolidated
liabilities.

Key
Financial
Metrics

As
of
June
30,
2024,
the
following
key
financial
metrics
were
reported:

• The
  reserves
  for
  Tether
  tokens
  in
  circulation
  amounted
  to
  $118,436,336,293.
• The
  liabilities
  of
  the
  companies
  issuing
  Tether
  tokens
  were
  $113,101,998,938,
  with
  $112,395,445,973
  related
  to
  digital
  tokens
  issued.
• The
  value
  of
  the
  assets
  composing
  the
  reserves
  exceeded
  the
  liabilities
  by
  $5,334,337,355.
• Investments
  in
  sustainable
  energy,
  Bitcoin
  mining,
  data,
  AI
  infrastructure,
  P2P
  telecommunications
  technology,
  neurotech,
  education,
  and
  other
  long-term
  proprietary
  investments
  are
  not
  considered
  part
  of
  the
  reserves
  backing
  the
  issued
  tokens.

Paolo
Ardoino,
CEO
of
Tether,
stated,
“With
the
second
quarter
attestation
of
2024,
Tether
has
once
again
demonstrated
its
unwavering
commitment
to
transparency,
stability,
liquidity,
and
responsible
risk
management.
As
shown
in
this
latest
report,
Tether
continues
to
shatter
records
with
a
new
profit
benchmark
of
$5.2
billion
for
the
first
half
of
2024.
With
Tether
Group’s
own
equity
reaching
$11.9
billion,
Tether
has
achieved
an
impressive
and
unmatched
financial
strength
enabling
it
to
continue
leading
the
stablecoin
industry
in
stability
and
liquidity
as
well
as
to
bring
its
expertise
across
different
areas
such
as
Artificial
Intelligence,
Biotech,
and
Telecommunications.”

Image
source:
Shutterstock