Tether Reports $5.2 Billion Profit in First Half of 2024

Tether Holdings LTD, the largest stablecoin issuer in the world, reported it made record profits in the first half of the year.

Tether reported net profit of $5.2 billion over H1 2024, a 57% increase from income in the same period last year, according to its Q2 assurance opinion.

The audit was led by BDO Global, and also drew attention to Tether’s reserves coming in at an all-time high of $97.6 billion in total U.S. Treasuries. Tether’s U.S. Treasury exposure now surpasses national economies such as Germany, Australia, and the U.A.E.

“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” said Tether’s CEO, Paolo Ardoino.

The company is now ranked third when compared with countries in purchases of three-month U.S. Treasuries, only surpassed by the United Kingdom and Cayman Islands.

In addition to Tether’s profit increase, the report also found that the company maintains $5 billion in excess reserves to provide extra stability of USDT.

Between Tether’s reserves and asset balance, the company’s consolidated net equity is now at $11.9 billion, meaning their total assets exceed their liabilities by $11.9 billion, a 70% increase from their recorded equity in December, 2023.

Tether’s USDT is the largest stablecoin by market capitalization, outpacing its closest competitor, Circle’s USDC, by 245%.