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Tether Continues to Dominate the Market, Posts a Record Net Profit of $5.2B for H1 2024

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Aug 02, 2024 am 12:05 AM

tether Crypto Profits Records

Tether recently released its attestation report for the second quarter of 2024, revealing impressive financial results.

Tether Continues to Dominate the Market, Posts a Record Net Profit of .2B for H1 2024

Crypto company Tether recently unveiled its much-anticipated attestation report for the second quarter of 2024, showcasing remarkable financial performance. The report, attested by leading accounting firm BDO Italia, reveals that Tether achieved a record net profit of $5.2 billion for the first half of 2024. This achievement marks a significant milestone in the company's financial history.

A closer examination of the report highlights several key achievements and financial metrics attained by Tether during the second quarter.

One of the standout achievements highlighted in the report is Tether's massive ownership of US Treasury bills, which reached an all-time high of $97.6 billion at the end of the second quarter. This immense holding places Tether at 18th globally in terms of US debt holdings, surpassing several countries, including Germany, the UAE, and Australia. Moreover, Tether ranks third among buyers of three-month US Treasury bills, trailing only the UK and the Cayman Islands.

The second quarter of 2024 also saw Tether issue a total of $8.3 billion in USD₮, further solidifying the stablecoin's presence in the crypto market. Despite a drop in bitcoin prices, which resulted in an unrealized loss of $653 million, positive performance of gold, with an unrealized gain of $165 million, partially offset this loss.

Consolidated assets continue to exceed consolidated liabilities, indicating the company's strong financial footing. The report also notes an increase in group equity of $520 million, reaching $11.9 billion as of June 30, 2024.

Overall, the second quarter 2024 attestation report provides a detailed snapshot of Tether's financial performance and health during the period. The report showcases the company's strength, largely driven by its investment strategy in traditional assets, mainly US Treasury bills, which serves as the primary reserve asset for USD₮. With a stablecoin peg remaining fully backed and excess reserves amounting to $5.3 billion, Tether ensures the stability of its crypto token.

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