Tether Reports Record $5.2 Billion Half-Year Profit, U.S. Treasury Holdings Surge Past $97 Billion
Cryptocurrency platform Tether has announced a record-breaking $5.2 billion profit for the first six months of 2024. The company's strategic investment in U.S. Treasuries, now exceeding $97 billion, has been a key driver of its financial success. With a growing reserve and a strong balance sheet, Tether continues to solidify its position as a leading force in the stablecoin market.
Because Bitcoin
July 31, 2024
Tether Holdings Limited today announced its second-quarter assurance opinion, independently verified by BDO. The report confirms the accuracy of Tether’s financial health and reveals a record-breaking net profit of $1.3 billion for the quarter, bringing the total for the first half of 2024 to $5.2 billion.
A key highlight is Tether’s substantial increase in U.S. Treasury holdings, surpassing $97.6 billion and solidifying its position as a major creditor to the United States. This strategic investment has contributed significantly to the company’s strong financial performance.
Despite market fluctuations, Tether’s group equity surged to $11.9 billion by the end of June. The company attributes this growth to a robust revenue stream primarily from U.S. Treasury investments, offsetting losses from Bitcoin and partially balanced by gains from gold.
Tether continues to prioritize transparency by disclosing its consolidated net equity for the first time. The company has also reinvested a portion of its profits into strategic projects to support the ecosystem while maintaining a substantial reserve of $5.3 billion to ensure the stability of the USDT token.
Paolo Ardoino, CEO of Tether, emphasized the company’s commitment to transparency, stability, and liquidity. He highlighted Tether’s exceptional financial strength and its potential to expand its influence beyond the stablecoin industry into areas like artificial intelligence, biotechnology, and telecommunications.
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