Coinspeaker
Tether Nets $1.3B Profit in Q2 2024, Holds More US Debt than Germany
USDT stablecoin issuer Tether reported its Q2 earnings on Wednesday, July 31, clocking a strong $1.3 billion in net operating profits in the last quarter. Tether said that it would reinvest a part of those profits back into some “strategic projects”.
Furthermore, the stablecoin issuer reported a record $5.2 billion in profits during the first half of 2024 as the USDT market cap surged to a new all-time high. As per the quarterly attestation, Tether International Limited and Tether Limited have disclosed a total of $118.4 billion of assets in reserve against the liability of $113.1 billion, as of June 30.
The interesting thing is that Tether is now the 18th-largest holder of the US Treasury surpassing Germany. Currently, Tether holds a massive $97.6 billion in US debt putting it ahead of Germany, the UAE, and Australia. Speaking on the development, Tether CEO Paolo Ardoino said:
“With the second quarter attestation of 2024, Tether has once again demonstrated its unwavering commitment to transparency, stability, liquidity, and responsible risk management. 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. With Tether Group’s own equity reaching $11.9 billion, Tether has achieved an impressive and unmatched financial strength enabling it to continue leading the stablecoin industry in stability and liquidity as well as to bring its expertise across different areas such as Artificial Intelligence, Biotech, and Telecommunications.”
Tether’s Foray into Bitcoin Mining
Tether Investments, an entity separate from the USDT stablecoin issuing firm, will be monitoring the company’s growing foray into Bitcoin mining, AI (artificial investment), and other investments. The attestation shows that this firm has a net equity value of $6.2 billion.
Tether’s USDT plays a crucial role in the crypto market as a trading tool and is increasingly sought after in developing countries as a means to access US dollars. It is the most popular stablecoin, with its market value rising to $114 billion from $91 billion this year.
Furthermore, Tether has been subject to scrutiny from regulators for years over the perceived opaqueness of its reserves. Howard Lutnick, chairman and CEO of Cantor Fitzgerald, who manages Tether’s reserves, said that the stablecoin issuer actually has all these funds with them.
Tether Nets $1.3B Profit in Q2 2024, Holds More US Debt than Germany
