Impressive Financial Performance of Tether in 2024
In the rapidly evolving landscape of cryptocurrencies, Tether Holdings Limited has emerged as a standout performer in 2024, showcasing remarkable financial results.
- Tether recorded a net profit of US$1.3 billion in the second quarter and an outstanding net profit of US$5.2 billion in the first half of the year.
- The company’s equity surged by US$520 million in the second quarter, reaching a total of US$11.9 billion.
- By June 30, 2024, Tether held excess reserves amounting to $5.33 billion.
Tether’s exceptional financial performance was highlighted in the details shared on July 31, with operating profit hitting $1.3 billion in the second quarter of 2024. The company’s net profit for the first six months of the year reached a remarkable $5.2 billion.
The company’s commitment to transparency, stability, liquidity, and responsible risk management was underscored by its certification in Q2 2024. Tether continues to set new benchmarks in the industry, with a record-breaking profit baseline for the first half of 2024.
Significant Holdings in U.S. Treasuries
Tether’s assurance report for the second quarter of 2024 revealed a substantial increase in USDT issuers’ holdings of U.S. Treasury bonds, amounting to $97.6 billion. This places the cryptocurrency company at the 18th position globally in terms of U.S. Treasury holdings, surpassing countries like Germany, the United Arab Emirates, and Australia.
Notably, Tether ranks third in terms of 3-month purchases, trailing behind only the United Kingdom and the Cayman Islands. In the third quarter of 2023, Tether reported holdings of $72.6 billion in U.S. Treasury securities.
Robust Financial Strength and Excess Reserves
Despite incurring an unrealized loss of $653 million due to the decline in Bitcoin prices, Tether’s group equity saw a substantial increase of $520 million in the second quarter of 2024, reaching $11.9 billion. The company’s strategic investments in gold and other assets helped offset some of the losses.
With a solid equity capital of $11.9 billion, Tether stands out for its financial strength and leadership in the stablecoin industry. The company maintains a focus on stability, liquidity, and innovation across various sectors such as artificial intelligence and biotechnology.
Despite reinvesting a portion of its profits in strategic projects, Tether holds excess reserves amounting to $5.3 billion, underlining its commitment to financial prudence and stability.
