Tether Reports Record Net Profit and Reserve Growth
Tether, the popular stablecoin issuer, has announced its financial report for the second quarter of 2024, conducted by BDO, a renowned international accounting firm.
The report validates Tether’s consolidated financial figures and the Tether Reserves Report (CFFRR), while also providing key information on the group’s financial health as of June 30, 2024.
Following an impressive first quarter, Tether continued its success by achieving a net operating profit of $1.3 billion in the second quarter, setting a new record for the company with a total profit of $5.2 billion for the first half of the year.
Tether has demonstrated its financial strength through investments in traditional assets, primarily U.S. Treasury bonds. In the second quarter, Tether reached an unprecedented level of Treasury bond holdings, surpassing $97.6 billion, placing the company ahead of countries like Germany, the United Arab Emirates, and Australia in terms of U.S. debt ownership.
Tether has once again demonstrated its unwavering commitment to transparency, stability, liquidity, and responsible risk management with the Q2 2024 attestation. As shown in this latest report, Tether continues to break records with a new profit benchmark of $5.2 billion for the first half of 2024. With equity reaching $11.9 billion, Tether Group has achieved impressive and unparalleled financial strength, enabling it to continue leading the stablecoin industry in terms of stability and liquidity, as well as bringing its expertise to different fields such as artificial intelligence, biotechnology, and telecommunications.
Paolo Ardoino, CEO of Tether
Equity Growth and USDT Issuance
Despite the decline in Bitcoin prices, resulting in an unrealized loss of $653 million on Tether’s reserves, the group’s equity increased by $520 million in the second quarter, thanks to positive performance in gold, generating an unrealized gain of $165 million.
Tether also revealed a consolidated net equity of $11.9 billion as of June 30, 2024, highlighting its strong financial position and commitment to transparency.
Part of the second quarter’s profits was reinvested in strategic projects, while maintaining excess reserves of $5.3 billion to ensure stablecoin stability. Over $8.3 billion in USDT was also issued during the quarter.
