Tether Announces Record $5.2 Billion Profit for First Half of 2024

Tether Holdings Limited has reported an unprecedented net profit of $5.2 billion for the first half of 2024, as revealed in its latest assurance opinion for the second quarter. Conducted by BDO, the report highlights Tether’s substantial growth and increased investments in U.S. Treasury bills.

Mid-Year Financial Overview

Tether, the world’s leading stablecoin issuer, has disclosed its Q2 2024 earnings, showcasing impressive financial performance. The company achieved a net operating profit of $1.3 billion for the quarter, bringing the total profit for the first half of the year to $5.2 billion.

Strategic Investments in U.S. Treasuries

Tether’s exposure to U.S. Treasuries has reached a historic high of $97.6 billion, placing it among the top global holders of U.S. debt. This strategic move has positioned Tether ahead of countries like Germany and Australia, reinforcing its commitment to financial stability and liquidity.

Emphasis on Transparency and Risk Management

Tether’s CEO, Paolo Ardoino, stressed the company’s focus on transparency and risk management. “Our second-quarter attestation for 2024 highlights Tether’s unwavering commitment to transparency, stability, liquidity, and responsible risk management. This report sets a new profit benchmark of $5.2 billion for the first half of 2024,” Ardoino stated.

Robust Financial Health

Despite fluctuations in bitcoin prices, Tether’s consolidated net equity increased to $11.9 billion as of June 30, 2024. The audit by BDO, adhering to the International Standard on Assurance Engagements (ISAE), verified the reliability of Tether’s financial statements. BDO, a global leader in professional services, confirms Tether’s strong financial foundation.

Looking Ahead

Ardoino also highlighted, “With Tether Group’s equity at $11.9 billion, we have achieved unparalleled financial strength, allowing us to lead the stablecoin industry in stability and liquidity. Our expertise extends to areas such as Artificial Intelligence, Biotech, and Telecommunications.” This solid financial position enables Tether to continue its industry leadership and explore innovative technologies.