Tether, a leading crypto company and the issuer of the widely used stablecoin USDT, has released its attestation report for the first half of 2024, showcasing significant financial gains of nearly $1 billion per month.
The report, audited by accounting firm BDO, revealed that Tether’s net operating profit for Q2 2024 reached a new peak of $1.3 billion, pushing the total net profit for the year’s first half to over $5 billion. Tether attributes its financial success and stability to investments in US Treasury Bills (T-Bills), a strategy implemented after eliminating commercial paper from its reserves and replacing it with US T-Bills in 2022.
The report further disclosed that Tether’s holdings of US Treasuries reached $97.6 billion in Q2, marking a historic high. This positions Tether as the 18th largest holder of US debt worldwide and the 3rd largest purchaser of 3-month US Treasuries, following the UK and the Cayman Islands.
Despite Bitcoin (BTC) price fluctuations, which hit an all-time high of $73,700 in March, Tether’s consolidated equity grew by $520 million in Q2, supported by positive gold performance. As of June 30, 2024, the company’s consolidated net equity stood at $11.9 billion.
Tether’s financial disclosures indicate that its reserves for circulating tokens amounted to $118 billion, with a surplus of $5.3 billion over debt. The company plans to reinvest a portion of Q2’s profits into “pivotal projects” to strengthen Tether’s ecosystem, while maintaining a substantial reserve of $5.3 billion to ensure token stability.
The company’s investment portfolio includes sustainable energy, Bitcoin mining, artificial intelligence (AI) infrastructure, telecommunications technology, neurotechnology, education, and other long-term ventures.
Paolo Ardoino, CEO of Tether, expressed pride in the company’s growth and profitability, stating:
“Our company has reached unprecedented levels of success, allowing us to pursue ambitious projects. Being a private company lets us focus on what truly matters. For us, Tether is a Once-In-One-Hundred-Year Opportunity.”
