Tether Reports Record Profit for Q2 2024

Tether Holdings Limited has achieved a historic financial milestone, reporting a record net operating profit of $1.3 billion for Q2 2024, contributing to a total net profit of $5.2 billion for the first half of the year.

In Q2, Tether’s holdings of U.S. Treasuries exceeded $97.6 billion, setting a new all-time high and positioning it among the top global holders of U.S. debt.

Despite a drop in Bitcoin prices resulting in an unrealized loss of $653 million, Tether’s Group Equity increased by $520 million, bolstered by gains in gold.

The company disclosed a consolidated net equity of $11.9 billion and maintains a surplus of $5.3 billion over liabilities. Tether also issued over $8.3 billion in USDt during the quarter and holds $5.3 billion in excess reserves.

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CEO Paolo Ardoino praised the company’s strong performance and commitment to transparency, emphasizing Tether’s leading position in the stablecoin industry and its growing expertise in sectors such as Artificial Intelligence and Biotech.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.