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.
Jefferies chief market strategist David Zervos believes an upcoming power shift at the Federal Reserve could benefit U.S. equity markets.
Anchorage Digital, a federally chartered crypto custody bank, is urging its institutional clients to move away from major stablecoins like USDC, Agora USD (AUSD), and Usual USD (USD0), recommending instead a shift to the Global Dollar (USDG) — a stablecoin issued by Paxos and backed by a consortium that includes Anchorage itself.
Ethereum co-founder Vitalik Buterin has voiced concerns over the rise of zero-knowledge (ZK) digital identity projects, specifically warning that systems like World — formerly Worldcoin and backed by OpenAI’s Sam Altman — could undermine pseudonymity in the digital world.
A new report by the European Central Bank (ECB) reveals that digital payment methods continue to gain ground across the euro area, though cash remains a vital part of the consumer payment landscape — particularly for small-value transactions and person-to-person (P2P) payments.