Tether Reports Record $5.2 Billion Profit for H1 2024, Solidifying Its Stablecoin Dominance

Tether has unveiled its Q2 2024 financial attestation, conducted by BDO, showing an unprecedented profit of $5.2 billion for the first half of the year. The attestation reveals that Tether achieved a notable net operating profit of $1.3 billion in the second quarter alone.

According to the report, Tether holds $97.6 billion in US Treasuries, positioning it as the 18th largest entity globally in terms of US debt ownership and the 3rd largest purchaser of 3-month US Treasuries.

As of June 30, 2024, Tether’s consolidated net equity stands at $11.9 billion, marking an increase of $520 million during Q2. This growth occurred despite facing a $653 million unrealized loss from Bitcoin price volatility, which was partially counterbalanced by a $165 million unrealized gain in gold investments.

The attestation confirms that Tether’s reserves for its USD Tether (USDT) tokens total $118.4 billion, while liabilities are at $113.1 billion, resulting in an excess of $5.3 billion in assets over liabilities. Ardoino praised the Group's equity of $11.9 billion as "remarkable and unparalleled financial strength," reinforcing Tether’s position as a leader in the stablecoin sector in terms of "stability and liquidity." He also highlighted Tether’s strategic expansion into fields such as Artificial Intelligence, Biotech, and Telecommunications.