The post Tether announces record profit of $5.2 billion for H1 2024 appeared on BitcoinEthereumNews.com.

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. 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…

---

Filed under: News - @ August 1, 2024 12:26 am