Tether Records $5.2B Profit in H1 2024, Boasts More US Treasuries Than Germany

The world's largest stablecoin issuer, Tether, has released its attestation report for the first half of the year, revealing a record $5.2 billion profit.

Tether, the world’s largest stablecoin issuer, has recorded a net operating profit of $1.3 billion in the second quarter of 2024, according to an official statement on Friday.

The company's ownership of United States Treasury bills also reached a new all-time high of $97.6 billion at the end of the second quarter.

The review, conducted by BDO, a global independent accounting firm, confirms the accuracy of Tether’s Consolidated Financials Figures and Reserves Report, breaking down its assets and token reserves as of June 30.

The company's $5.2 billion profit for the first half of 2024 marks its best result since inception. Tether boasts a strong revenue base from traditional asset-class investments, primarily U.S. Treasuries.

The firm is currently more exposed to Treasuries than Germany, Australia, and the United Arab Emirates.

Tether ranks 18th on the list of countries and entities owning U.S. debt and third in purchases of three-month U.S. Treasuries, following the United Kingdom and the Cayman Islands.

The company anticipates ranking first next year based on the growth trajectory of its largest product and stablecoin USDT.

“With the second quarter attestation of 2024, Tether has once again demonstrated its unwavering commitment to transparency, stability, liquidity, and responsible risk management,” said Paolo Ardoino, CEO of Tether.

“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.”

Moreover, Tether issued more than $8.3 billion USDT in the second quarter of the year. The stablecoin's circulating supply is roughly 117 billion, while Tether claims to have over $118.4 billion in reserves for the token, with consolidated assets exceeding consolidated liabilities.

The stablecoin issuer noted that it does not include investments it made into other sectors, such as sustainable energy, Bitcoin mining, data, artificial intelligence infrastructure, and peer-to-peer telecommunications technology, in its USDT reserves.

As of June 30, Tether Group's consolidated net equity was $11.9 billion. The Group's equity increased by $520 million in the second quarter, which was partially offset by the drop in bitcoin and gold prices.

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