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.

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.