Tether Holdings Limited, the issuer of the world’s largest stablecoin, has announced a net profit of $1.3 billion for the second quarter of 2024. This milestone marks Tether’s highest quarterly profit to date, contributing to a record-breaking $5.2 billion profit for the first half of the year.
Financial Highlights
Tether’s impressive financial performance is underpinned by its strategic investments in traditional asset classes, particularly U.S. Treasuries. As of June 30, 2024, Tether’s holdings in U.S. Treasuries reached an unprecedented $97.6 billion, positioning the company 18th globally among countries owning U.S. debt. This achievement underscores Tether’s robust financial strategy and its commitment to maintaining a strong and stable reserve.
Consolidated Financials
The Q2 2024 attestation, conducted by BDO, a leading global independent accounting firm, reaffirms the accuracy of Tether’s consolidated financial figures and reserves. The report highlights Tether’s consolidated net equity of $11.9 billion, reflecting a $520 million increase in group equity despite market fluctuations. This growth was achieved despite a $653 million unrealized loss due to Bitcoin price volatility, which was partially offset by a $165 million unrealized gain from gold investments.
Market Impact and Future Outlook
Tether’s continued profitability and strategic asset management have solidified its position as a leader in the stablecoin market. The company issued over $8.3 billion in USDT during Q2 2024, further cementing its dominance. Paolo Ardoino, CEO of Tether, emphasized the company’s unwavering commitment to transparency, stability, and responsible risk management. He also hinted at Tether’s expansion into new sectors, including Artificial Intelligence, Biotech, and Telecommunications.
Source:
