Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
Tether announces record profit of $5.2 billion for H1 2024

Tether announces record profit of $5.2 billion for H1 2024

Cryptopolitan2024/07/31 16:00
By:By Jai Hamid

Tether has some big news. They’ve raked in a whopping $5.2 billion net profit for the first half of 2024. This announcement was part of their Q2 2024 assurance opinion, verified by BDO, an accounting firm. 

The report claims that Tether’s financial figures are solid and provides a detailed look at their reserves and assets as of June 30th, 2024.

In the second quarter alone, the company reportedly hit a net operating profit of $1.3 billion, their best result ever. This brings their total profit for the first half of the year to a record-breaking $5.2 billion. CEO Paolo Ardoino said that:

“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.”

Tether’s financial powerhouse

The report says that Tether’s strength comes from a strong revenue base, mainly from the U.S. Treasuries. In Q2 2024, their holdings in U.S. Treasuries jumped to $97.6 billion, making them the 18th largest holder of U.S. debt worldwide. 

This puts them ahead of countries like Germany and Australia. While other countries, including China, have been selling U.S. Treasuries, Tether has been buying.

They’re now the third largest purchaser of 3-month U.S. Treasuries, just behind the UK and Cayman Islands. With the growing adoption of their USDt stablecoin, Tether might become the largest holder soon.

See also Robert F. Kennedy Jr. vows to buy 550 Bitcoin daily for U.S. reserve if elected

Reportedly, Tether’s Group Equity went up by $520 million in Q2 2024, despite a $653 million hit from falling Bitcoin prices. This loss was partly offset by a $165 million gain from gold. 

The stablecoin issuer’s consolidated net equity is now $11.9 billion. A chunk of Tether’s Q2 profits was reinvested in strategic projects to support their ecosystem. They also kept $5.3 billion in excess reserves to ensure their token remains stable.

In Q2 2024, the company issued over $8.3 billion in USDt. Their Consolidated Financials Figures and Reserves Report (CFFRR) shows that their assets exceed their liabilities.

As of June 30th, Tether’s reserves for tokens in circulation totaled $118.4 billion, with liabilities at $113.1 billion. Per the report , this leaves them with an excess of $5.3 billion in assets over liabilities.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Bitcoin security reaches a historic high, but miner revenue drops to a historic low. Where will mining companies find new sources of income?

The current paradox of the Bitcoin network is particularly striking: while the protocol layer has never been more secure due to high hash power, the underlying mining industry is facing pressure from capital liquidation and consolidation.

区块链骑士2025/11/28 08:23
Bitcoin security reaches a historic high, but miner revenue drops to a historic low. Where will mining companies find new sources of income?

What are the privacy messaging apps Session and SimpleX donated by Vitalik?

Why did Vitalik take action? From content encryption to metadata privacy.

ForesightNews 速递2025/11/28 08:23
What are the privacy messaging apps Session and SimpleX donated by Vitalik?

The covert war escalates: Hyperliquid faces a "kamikaze" attack, but the real battle may have just begun

The attacker incurred a loss of 3 million in a "suicidal" attack, but may have achieved breakeven through external hedging. This appears more like a low-cost "stress test" targeting the protocol's defensive capabilities.

ForesightNews 速递2025/11/28 08:23
The covert war escalates: Hyperliquid faces a "kamikaze" attack, but the real battle may have just begun