Tether reported net income of $5.2 billion for the first half of 2024, driven by strong revenues from traditional asset investments.
According to Tether’s official announcement, the second quarter of 2024 was a milestone for the company, with a net operating profit of $1.3 billion. This achievement brought total profit for the first half of the year to a record $5.2 billion.
The report conducted by BDO highlighted that Tether’s reserves include more than $97.6 billion in U.S. Treasury bonds, making it one of the largest holders of such assets in the world. The amount even surpassed the assets of several countries.
In terms of rankings, Tether ranks 18th among countries holding U.S. debt and third in purchases of 3-month U.S. Treasury bonds, behind only the United Kingdom and the Cayman Islands.
In addition, Tether’s consolidated net capital stood at $11.9 billion as of June 30, 2024. This figure reflects the company’s financial stability and ability to maintain reserve collateral for its tokens.
In the second quarter, the company issued more than $8.3 billion in Tether tokens. The report indicates that Tether’s assets exceed liabilities, confirming its financial health.
Reinvested earnings on financial performance
A portion of profits was reinvested in strategic projects to support the broader ecosystem. Despite an unrealized loss due to the decline in bitcoin prices, gold’s positive performance contributed to a net increase in the company’s equity.
“With the second quarter of 2024, Tether has once again demonstrated its unwavering commitment to transparency, stability, liquidity and responsible risk management,” – Tether CEO Paolo Ardoino stated.
“Tether has achieved impressive and unparalleled financial strength, allowing it to continue to lead the stablecoin industry in terms of stability and liquidity, as well as bring its expertise to various areas such as artificial intelligence, biotechnology and telecommunications,” Ardoino said.
