According to TechFlow, on September 13, Coinpost reported that the second quarter financial report released by Tether, the issuer of stablecoin USDT, showed that the company's net profit in the first half of 2024 hit a record high of US$5.2 billion. Among them, the net operating profit in the second quarter (April to June) was US$1.3 billion, setting a new record. Tether's full-year revenue in 2023 was as high as US$6.2 billion, exceeding the US$5.5 billion revenue of global investment giant BlackRock in the same period. It is worth noting that Tether has only 100 employees, while BlackRock has 20,000 employees, highlighting Tether's extremely high per capita profitability.
The report also showed that Tether Group's net assets increased by $520 million from the previous quarter to $11.9 billion. The company currently holds 75,354 bitcoins. Although it suffered an unrealized loss of $653 million in the second quarter due to the decline in Bitcoin prices, it was partially offset by gold investment gains. The largest contribution to Tether's financial situation came from U.S. Treasury returns, which accounted for about 80% of its USDT reserve assets. As of the end of the second quarter, Tether directly or indirectly held a record $97.6 billion in U.S. Treasury bonds, making it the 18th largest U.S. Treasury bond holder in the world.
Tether CEO Paolo Andoino said the company chose to use its $5.33 billion surplus reserves to achieve its mission of providing financial services to the world's unbanked population rather than distributing dividends. In addition, Tether has established an investment portfolio of approximately $6.56 billion, focusing on businesses and technologies that are in line with the company's core mission.
