Quick take:
Tether’s operating profit for the second quarter of 2024 also rose to a record $1.3 billion, the company said.
The attestation report, which reaffirms the accuracy of Tether’s consolidated financial figures was conducted by the global independent accounting firm BDO.
The company’s directly and indirectly held U.S. treasuries crossed $97.6 billion, setting a new all-time high.
Tether has released its attestation report for the first half of 2024. The USDT stablecoin issuer reported a record $5.2 billion net profit for the first half of the year, with operating profit for the second quarter also rising to an unprecedented $1.3 billion, the company said in a statement on Wednesday.
According to the report, Tether’s consolidated equity also rose to a record high of $11.9 billion as of June 30, 2024, with its directly and indirectly held US treasuries up to an all-time high of $97.6 billion.
Group equity saw an increase of $520 million, impacted by an unrealised accounting loss of $-653 million (due to lower BTC prices). This was partially offset by a positive performance from gold, which locked in an unrealised net profit of $165 million, Tether reported.
“This achievement brings Tether’s exposure to Treasuries above Germany, the United Arab Emirates, and Australia. While China and other countries have been recent net sellers of U.S. Treasuries, Tether positioned itself at 18th in the rankings of countries owning U.S. debt,” the company wrote in a statement.
The attestation report was conducted by the global independent accounting firm BDO, thus reaffirming the accuracy of Tether’s Consolidated Financial Figures and Reserves Report (CFFRR), which features a detailed breakdown of the company’s assets held in token reserves.
The report also states that Tether now ranks third in purchases of 3-month U.S. Treasuries behind the United Kingdom and the Cayman Islands, and expects to rise to the top of that list within a year given the rapid adoption of the USDT stablecoin.
Tether has been busy diversifying its portfolio this year, and the activity was also reflected in the latest report.
The company said investments made into sustainable energy, Bitcoin mining, data, AI infrastructure, P2P telecommunications technology, neurotech, education, and other long-term proprietary investments are not considered part of its reserves.
Commenting on the report, Paolo Ardoino, CEO of Tether said in a statement: “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.”
Over the last three months, Tether invested $200 million in a biotech startup Blackrock Neurotech, taking a majority stake. The company also secured a $100 million placement into Bitcoin mining company Bitdeer and could put in an additional $50 million.
Last month, the company also launched Alloy by Tether (aUSDT), ushering in a new category of assets dubbed “tethered assets”. Alloy by Tether tracks the value of the US dollar and is over-collateralised by Tether Gold (XAUT).
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The post Tether’s First Half Net Profit Soars to Record $5.2 Billion appeared first on NFTgators .
