According to the second quarter audit report recently released by BDO, a leading global independent accounting firm, Tether Holdings announced that its net profit in the first half of 2024 reached US$5.2 billion, a record high.
Meanwhile, the company's second-quarter net operating profit was $1.3 billion, its highest quarterly profit to date.
The profit growth mainly came from traditional asset investments, mainly U.S. Treasury bonds, which brought Tether's direct and indirect holdings to more than US$97.6 billion.
This figure makes Tether's Treasury bond holdings surpass those of countries such as Germany, the United Arab Emirates and Australia, ranking 18th in the global U.S. Treasury bond holdings. At the same time, the company ranks third in purchasing 3-month U.S. Treasury bonds, second only to the United Kingdom and the Cayman Islands.
As of June 30, Tether’s consolidated equity reached $11.9 billion, an increase of $520 million from the first quarter.
Although the decline in BTC prices resulted in an unrealized loss of $653 million, this was partially offset by an unrealized gain of $165 million from gold investments.
Tether issued more than $8.3 billion in USDT in the second quarter and maintained a reserve surplus of $5.3 billion at the end of June to ensure the stability of its token.
The proof reaffirms the accuracy of Tether’s Combined Financial Figures and Reserve Report (CFFRR), highlighting that the value of reserves backing Tether’s circulating tokens exceeds liabilities by $5.33 billion.
As of June 30, Tether’s total reserves were $118.44 billion, while liabilities were $113.10 billion, of which $112.40 billion were related to issued digital tokens.
Tether reinvests profits into a variety of projects, including sustainable energy, BTC mining, data, AI infrastructure, P2P telecommunications technology, neurotechnology, and education, demonstrating its commitment to innovation and long-term development.
The second quarter report also highlighted Tether’s financial health, with consolidated assets exceeding consolidated liabilities.
The independent auditor's report from BDO confirms that the consolidated financial data and reserve report are presented fairly and there is no material misstatement.
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