TL;DR
- Tether reports record net operating profit of $1.3 billion for Q2 2024, bringing the total to $5.2 billion in the first half of the year.
- Tether’s exposure to U.S. Treasury bonds hit an all-time high of $97.6 billion, ranking 18th globally in Treasury ownership.
- The Group’s consolidated net worth is $11.9 billion as of June 30, 2024.
Tether Holdings Limited has published its Q2 2024 attestation report, conducted by BDO, one of the world’s leading independent accounting firms.
This report confirms the accuracy of Tether’s consolidated financial figures and reserve report (CFFRR), providing key details on the group’s financial status as of June 30, 2024.
Tether Releases Q2 2024 Attestation: Reports Record-Breaking $5.2 Billion Profit In First Half Of 2024, Highest Treasury Bill Ownership Ever and Largest Ever Group Consolidated Equity At Almost $12 Billionhttps://t.co/G4pt0xp2bh
— Tether (@Tether_to) July 31, 2024
The second quarter of 2024 has been an exceptional period for Tether, with net operating profit of $1.3 billion, the company’s best result to date.
This result contributes to a total net profit of $5.2 billion in the first half of the year, a historic record for the company.
The strong financial performance is primarily attributed to investments in U.S. Treasury bonds, which have been a crucial foundation for the company’s revenue.
During the second quarter, Tether reached an unprecedented milestone by surpassing $97.6 billion in U.S. Treasury bonds.
This figure puts Tether ahead of countries such as Germany, the United Arab Emirates and Australia in terms of Treasury bond ownership.
Globally, Tether ranks 18th in the ranking of countries with US debt and is third in purchases of 3-month Treasury bonds behind only the United Kingdom and the Cayman Islands.
This remarkable achievement strengthens Tether’s position in the market and highlights its growing influence in the financial sphere.
Despite an unrealized loss of $653 million due to falling Bitcoin prices, the group’s assets increased by $520 million, driven in part by an unrealized gain of $165 million on gold investments.
The Group’s consolidated net worth stands at $11.9 billion as of June 30, 2024.
The company also maintains excess reserves of $5.3 billion, which reinforces the stability of its token.
Commitment to transparency and stability at Tether
With the Q2 2024 report, Tether once again demonstrates its strong commitment to transparency and stability.
The company continues to break records, reaching a new profit threshold of $5.2 billion in the first half of the year.
The impressive net worth of $11.9 billion underlines Tether’s unparalleled financial strength, cementing its leadership position in the stablecoin sector.
In addition, the company continues to expand its expertise in emerging areas such as Artificial Intelligence, biotechnology and telecommunications, allowing it to stay at the forefront of the market and offer innovative solutions for its users.
