The USDT issuer announced a significant profit of $5.2 billion for the first half of the year.
Tether said that its solid and consistent income from conventional asset-class investments.
The report for the second quarter (Q2) of this year has been issued by Tether Holdings Ltd, the issuer of USDT stablecoin. The company claimed a substantial increase in its earnings base in addition to retaining its quarterly supremacy. The USDT issuer announced a significant profit of $5.2 billion for the first half of the year.
In spite of competition from other stablecoins, Tether has remained the market leader. The company said it became the biggest holder of US Treasury Bills in the quarter, in addition to its remarkable profit results. The assurance attestation was carried out by BDO, a renowned worldwide independent accounting company. As a result, Tether’s balance sheet now enjoys a high degree of confidence.
Solid and Consistent Revenue
According to the numbers, Tether made a net operating profit of $1.3 billion in Q2. This is the greatest performance that the stablecoin issuer has ever recorded, according to them. As a whole, it resulted in a first-half net profit of $5.2 billion, which was a record. Tether said that its solid and consistent revenue from conventional asset-class investments, namely US Treasuries, was the reason for its financial soundness.
Compared to Germany, the UAE, and Australia, Tether’s exposure to Treasuries ranks higher at this amount of profit. To keep its profit margin intact in the face of unpredictable interest rate policies, Tether has shown its sustainable model.
According to Tether CEO Paolo Ardoino, the company’s remarkable and unparalleled financial strength allows it to maintain its position as the stablecoin industry leader in terms of liquidity and stability while also bringing its expertise to bear in diverse domains like AI, biotech, and telecommunications.
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