Tether [USDT] Discloses H1 2024 Financials, Reveals $5.2B in Revenue

Tether [USDT] recently disclosed its H1 2024 financials, revealing interesting developments. This included an impressive $5.2 billion in revenue

Stablecoin giant Tether [USDT] has disclosed its financials for H1 2024, revealing some interesting developments. Among the highlights was an impressive $5.2 billion in revenue, hinting at the company’s robust financial standing.

The new Tether Financial report showed that the company made $1.3 billion in net operating profit in Q2 2024. While this brought its total revenue to $5.2 billion, it highlighted a slight slowdown in revenue compared to Q1 2024. The latter’s mammoth profits were fueled by the massive wave of trading activity observed in the quarter, fueled by bullish optimism rooted in heavy expectations for the Bitcoin halving and ETFs.

Tether also revealed that a significant portion of its Q2 revenue was generated from traditional assets. The company noted that U.S. treasuries in its balance sheet reached a new all-time high of $97.6 billion. In other words, it holds more U.S. treasuries than some major countries including Australia, Germany, and the UAE.

The report also included the revelation that Tether issued 8.3 billion USDT in Q2 2024. The company’s total market cap has been growing steadily in the last 12 months, reaching $114.45 billion at press time, according to CoinMarketCap.

Tether stablecoin maintains strong lead

As expected, Tether continued to dominate the market in the first half of 2024, maintaining a solid lead. For context, the latest market cap figure was 3.4 times higher than that of Circle [USDC], the second-largest stablecoin. At press time, USDT’s daily trading volume was also six times higher than that of USDC.

The differences in volumes and market cap underscored just how far ahead Tether is in the competition for stablecoin demand, leaving its rivals trailing behind.

Tether’s growth was not only evident in its balance sheet or revenue but also its user growth. The stablecoin maintained robust address growth throughout the first half of the year. The number of addresses on Ethereum [ETH] grew from 4.68 million at the end of January 2024, to 5.39 million at the end of July.

Address growth was even more impressive on the Tron [TRX] network. The latter added roughly 7.31 million addresses in the last 6 months alone.

These observations highlighted yet another factor contributing to Tether USDT’s demand. As the crypto market experienced a return of activity and the market switched from bearish to bullish, demand for the stablecoin has primarily been driven by exchanges and on-ramps. The first half of 2024 has been quite heated in this regard.

From the looks of things, USDT may continue to generate robust revenue in the second half of the year.

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