Tether Rakes in $5.2B in Profits for the First Half of 2024

The world’s largest stablecoin issuer, Tether, has released its accreditation report for the first half of the year, revealing a record profit of $5.2 billion.

According to an official company statement, Tether posted a net operating profit of $1.3 billion in the second quarter of 2024, and its ownership of US Treasuries reached a new all-time high of $97.6 billion.

Tether publishes the certification report

Tether disclosed that the review was conducted by BDO, an independent global accounting firm, and confirms the accuracy of the consolidated report of financial figures and reserves. The review broke down its token assets and reserves held as of June 30.

The company’s profit of $5.2 billion in the first half of 2024 is its best result since inception. Tether has a solid income base from traditional asset class investments, primarily US Treasuries. The company is currently more exposed to Treasuries than Germany, Australia and the United Arab Emirates.

Tether ranks 18th on the list of countries and entities that own US debt and third in purchases of three-month US Treasuries, behind the UK and the Cayman Islands. The company is seen in first place next year based on the growth trajectory of its largest product and its USDT stablecoin.

Paolo Ardoino, CEO of Tether, said: “With the certification in the second quarter 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 break records with a new profit benchmark of $5.2 billion for the first half of 2024.”

Tether’s capital jumps $520 million

Additionally, Tether issued over $8.3 billion USDT in the second quarter of the year. The circulating supply of the stablecoin is approximately 117 billion, but Tether claims to have more than $118.4 billion in reserves for the token, with consolidated assets exceeding consolidated liabilities.

The stablecoin issuer clarified that it does not consider investments it made in other sectors, including sustainable energy, Bitcoin mining, data, artificial intelligence infrastructure and peer-to-peer telecommunications technology -peer, as part of their USDT reserves.

As of June 30, Tether Group’s consolidated net worth was $11.9 billion. The group’s equity increased by $520 million in the second quarter, partially offset by falling bitcoin and gold prices.

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