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- Tether recorded $1.3 billion in net operating profit for Q2 and $5.2 billion for the first six months of the year.
- Q2 also saw a $520 million increase in group equity, bringing the total to $11.9 billion.
- Tether held $5.33 billion in excess reserves as of June 30, 2024.
Tether Holdings Limited recorded a staggering $5.2 billion in net profit for the first half of 2024, the company has announced.
In details shared on July 31, Tether said its operating profits for the second quarter of the year reached $1.3 billion, a milestone that saw its net profits for the first six months of the year rise to $5.2 billion.
“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,” Paolo Ardoino, CEO of Tether, said.
$97.6 billion in US Treasuries
Tether’s Q2 2024 attestation report also indicates that the USDT issuer has increased its US Treasury bills holdings to $97.6 billion. It puts the crypto company 18th overall in global ownership of US Treasuries ahead of Germany, the United Arab Emirates and Australia.
Notably, Tether ranks third in the 3-month purchases behind the United Kingdom and the Cayman Islands.
In Q3, 2023, Tether reported its US T-bills stood at $72.6 billion.
Excesss reserves are at $5.3 billion
Tether says its group equity rose by $520 million in the second quarter of 2024 to overall $11.9 billion.
According to the report, the increase in group equity came despite the company seeing a $653 million in unrealized loss amid Bitcoin’s price dip. However, gains for gold and a $165 profit helped to “partially offset” the loss.
“With Tether Group’s own equity reaching $11.9 billion, Tether has achieved an impressive and unmatched financial strength enabling it to continue leading the stablecoin industry in stability and liquidity as well as to bring its expertise across different areas such as Artificial Intelligence, Biotech, and Telecommunications” Ardoino added.
While the company reinvested a portion of the Q2 profits in strategic projects, it still maintains $5.3 billion in excess reserves.
Tether issued more than $8.3 billion in USDT during the quarter.
This article first appeared at CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison
