Tether Posts $5.2 Billion Profit in First Half of 2024

Tether Holdings Limited reported a record-breaking net profit of $5.2 billion for the first half of 2024, according to its latest assurance opinion for the second quarter. The report, conducted by BDO, highlighted Tether’s increased exposure to U.S. Treasury bills and a significant rise in group equity.

Tether Reveals Mid-Year Financials

The largest stablecoin issuer worldwide has reported the firm’s latest earnings. Tether’s Q2 2024 financial results demonstrated continued growth, with the company reporting a net operating profit of $1.3 billion for the quarter, contributing to a cumulative $5.2 billion profit for the first half of the year.

The stablecoin issuer’s exposure to U.S. Treasuries reached an unprecedented $97.6 billion, positioning it among the top holders of U.S. debt globally. This strategic investment has placed Tether ahead of countries like Germany and Australia in terms of Treasury holdings.

“With the second quarter attestation of 2024, Tether has once again demonstrated its unwavering commitment to transparency, stability, liquidity, and responsible risk management. 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,” the CEO of Tether Paolo Ardoino remarked on Wednesday.

The company’s consolidated net equity rose to $11.9 billion as of June 30, 2024, despite a downturn in bitcoin prices. The audit by BDO, which follows the International Standard on Assurance Engagements (ISAE), affirmed the accuracy of Tether’s financial reporting. BDO is a global network of independent public accounting, tax, and advisory firms. The firm is recognized as one of the largest professional services networks in the world, providing a range of services.

“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 as well as to bring its expertise across different areas such as Artificial Intelligence, Biotech, and Telecommunications,” Ardoino added.

At 12:30 p.m. EDT on Wednesday, tether (USDT) had a market cap of roughly $114.23 billion.

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