Tether exceeded half-year profit of US$5.2 billion for the first time, and its holdings of US Treasury bonds reached US$97.6 billion

Tether, the leading stablecoin issuer of USDT, released its latest quarterly report on July 31, stating that the company's net profit in the first half of 2024 was as high as US$5.2 billion. Not only did it set a new record, but the company's U.S. Treasury bond inventory reached the largest ever.

Tether's U.S. Treasury bond portfolio is currently valued at approximately $97.6 billion and is certified by BDO, a global independent accounting firm. Not only does the size of U.S. debt reserves far exceed that of Germany, the United Arab Emirates, Australia and other countries, but it is also the third largest institution after the United Kingdom and the Cayman Islands in purchasing three-month U.S. Treasury bonds.

If USDT continues to grow and Tether continues to steadily invest in U.S. bonds at this rate, it is likely to become the largest investor in U.S. short-term Treasury bonds next year.

Tether's stablecoin USDT is a key infrastructure in crypto market transactions. The demand for US dollars in developing countries continues to increase, making it the most popular stablecoin. Its market value has also increased from US$91 billion at the beginning of the year to the current US$1140. One hundred million U.S. dollars.

Tether's assets and profits have both increased, with Q2 operating profit reaching US$1.3 billion in 2024

According to the latest report, Tether achieved a net operating profit of US$1.3 billion in the second quarter of 2024, writing Tether's best performance in history, and its net profit in the first half of the year reached a record high of US$5.2 billion.

The outperformance in the second quarter was largely attributable to a strong and durable income base from "traditional asset class investments," primarily U.S. Treasuries. Although the second quarter of this year faced the decline in the price of Bitcoin (accounting for unrealized profit and loss - US$653 million), this was partially offset by the positive performance of gold (accounting for unrealized profit and loss of US$165 million), and ultimately the group's equity increased by 520 million Dollar.

As of June 30, 2024, the Tether Group's comprehensive net assets reached US$11.9 billion and issued more than US$8.3 billion in USDT.

Part of these profits will be invested in "strategic projects" to continue to support the ecosystem, while maintaining a large excess reserve ($5.3 billion) to further improve the stability of the token.

Tether CEO Paul. Paolo Ardoino said that Tether reinvests part of its profits in multiple areas, including sustainable energy, Bitcoin mining, artificial intelligence (AI), data infrastructure, peer-to-peer communication technology, neurotechnology and education, etc. . These investments will help the company maintain its leading position in the stablecoin industry while expanding into more diverse industries.

References: Tether, coindesk, cointelegraph

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