Tether released its assurance opinion for Q2 2024, revealing record-breaking profits of $5.2 billion in the first half of 2024. The USDT stablecoin issuer revealed the second quarter of 2024 marked a significant milestone in net operating profit of $1.3 billion. According to Tether, it’s their best result ever.
Q2 also revealed “an unprecedented achievement in direct and indirect ownership of U.S. Treasuries, surpassing $97.6 billion, a new all-time high” according to the Tether press release. Tether’s Group Equity increased by $520 million after considering the drop in BTC prices.
Furthermore, the company says that part of the profits of the second quarter were reinvested in strategic projects. These projects support the Tether ecosystem while maintaining a sizable amount of excess reserves ($5.3 billion) to further the stability of USDT. In Q2 2024, over $8.3 billion in USDT was issued. The Reserves for USDT in circulation amount to US$ 118,436,336,293.
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Paolo Ardoino, the company’s CEO, commented on the company’s impressive Q2 in a statement. “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,” he added.
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