On the evening of July 31st, Tether, the leading stablecoin company in the cryptocurrency industry, announced its operational report for Q2 and the first half of 2024.
According to the report, Tether posted a net profit of $1.3 billion in the last three months, raising the total earnings for the first half of this year to a record-breaking $5.2 billion.
They revealed that the company’s consolidated shareholder equity has increased to $11.9 billion, the highest level ever recorded.
Furthermore, Tether set another milestone with its holdings of U.S. Treasury bonds, which reached an unprecedented $97.6 billion. This places Tether in the 18th position globally in terms of U.S. debt ownership, surpassing countries like Germany, the UAE, and Australia.
The Tether management emphasized that the company’s assets currently far exceed its liabilities. Reserves for circulating Tether tokens have reached $118.4 billion, while liabilities stand at $113.1 billion. This positions Tether with a net asset gap of approximately $5.3 billion.
During the quarter, Tether issued over $8.3 billion in USDT, reinforcing its strong financial position. Despite an unrealized loss of $653 million due to a decline in Bitcoin prices, shareholder equity still increased, partially thanks to a $165 million gain from investments in gold.
Following the release of this financial report, Tether’s CEO Paolo Ardoino stated:
“With the second quarter attestation 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 shatter records with a new profit benchmark of $5.2 billion for the first half of 2024. With Tether Group’s own equity reaching $11.9 billion, 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”
