Tether Holdings USDT/USD Limited has disclosed $5.2 billion profit for the first half of 2024, setting a new record for the company in its second-quarter attestation.
What Happened: Tether's Q2 attestation reflects a group equity of $11.9 billion as of June 30, 2024. Tether reported a net operating profit of $1.3 billion in the second quarter of this year. Despite a drop in BTC prices, Tether’s Group Equity increased by $520 million in Q2 2024.
Partial Q2 profits were reinvested in strategic projects alongside maintaining a sizable amount of excess reserves of $5.3 billion for maintaining token’s stability.
The company’s financial strength was largely attributed to a robust revenue base from traditional asset-class investments, primarily U.S. Treasuries. The quarter also saw Tether’s direct and indirect ownership of U.S. Treasuries reach a new all-time high of over $97.6 billion.
More than $8.3 billion in USDT was issued in the second quarter, further strengthening Tether’s financial position.
Why It Matters: The record-breaking profit and the highest-ever ownership of Treasury Bills underscore the financial strength of Tether. The company’s robust revenue base from traditional asset-class investments, primarily U.S. Treasuries, has played a significant role in this financial success.
Crypto trader Zaheer reacted to Tether's first-half profit by calling it a "monster profit." Another trader sees Tether's profit placing it among the "biggest companies in the world." He added that Tether holds $81 billion in Treasuries which is more than Germany.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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