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
Stablecoin issuer Tether has announced its latest financial results, reporting a record-breaking net profit of $5.2 billion for the first half of 2024. The report, conducted by BDO, also highlighted Tether’s increased exposure to U.S. Treasury bills and a significant rise in group equity.
According to the assurance opinion for the second quarter of 2024, Tether’s net operating profit for the quarter was $1.3 billion, contributing to the total net operating profit of $5.2 billion for the first half of the year. The report also indicated that the stablecoin issuer had an exposure of $97.6 billion to U.S. Treasuries at the end of June, making it one of the largest holders of U.S. debt globally.
Commenting on the report, Tether’s CEO Paolo Ardoino said: “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 report, which was conducted in accordance with the International Standard on Assurance Engagements (ISAE) 3000 Revised, aimed to provide a limited assurance on the group’s financial reporting. BDO is a global network of independent public accounting, tax, and advisory firms, and is among the largest professional services networks in the world, offering a wide range of services.
“Moreover, with Tether Group’s own equity reaching $11.9 billion, we have achieved an impressive and unmatched financial strength enabling us to continue leading the stablecoin industry in stability and liquidity as well as to bring our 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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