Hassan Maishera
TL;DR
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Tether reported a $5.2 billion profit in the first half of the year.
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The company’s U.S. debt holdings hit $97.6 billion.
Tether Makes a $5.2B Profit in H1 2024
Tether, the issuer of the USDT stablecoin, reported on Wednesday that it made a record $5.2 billion profit in the first half of 2024. This latest development comes as the market cap of its USDT stablecoin reaches a new all-time high.
In its report, Tether said,
“Building on the momentum from Q1 2024, the second quarter of 2024 marked a significant milestone with a net operating profit of $1.3 billion, Tether’s best result ever, delivering a record net profit of $5.2 billion for the first half of the year.”
Tether revealed that a part of the profits was reinvested in strategic projects. The company’s stablecoin issuer arm Tether International Limited and Tether Limited disclosed $118.4 billion of assets in reserve against $113.1 billion in liabilities as of June 30.
Tether revealed that its U.S. debt holdings now stand at $97.6 billion, surpassing other countries. The company said,
“Additionally, Q2 2024 showcased, among the Tokens’ reserves, an unprecedented achievement in direct and indirect ownership of U.S. Treasuries, surpassing $97.6 billion, a new all-time high. This achievement brings Tether’s exposure to Treasuries above Germany, the United Arab Emirates, and Australia.”
Tether Investments, the company’s arm tasked with managing the bitcoin (BTC) mining, artificial intelligence, and other investments, has a $6.2 billion net equity value, per the attestation.
Tether’s USDT remains a leader in the stablecoin ecosystem. It is currently the largest stablecoin, with a $114 billion market cap, up $23 billion year-to-date.
