Tether Holdings Reports Record-Breaking Profits
Tether Holdings has announced a remarkable net profit of $5.2 billion for the first half of 2024. This news comes after a second-quarter attestation conducted by BDO, one of the world’s top independent accounting firms.
Increased Profitability and Investments
In the second quarter, Tether reported a net operating profit of $1.3 billion, marking its highest quarterly profit so far. This increase in profitability was primarily driven by investments in traditional asset classes, particularly US Treasuries, which have pushed Tether’s ownership to over $97.6 billion.
With this amount, Tether’s treasury holdings now surpass those of countries like Germany, the UAE, and Australia, ranking it 18th globally in terms of US debt ownership. Additionally, the firm ranks 3rd in purchases of 3-month US Treasuries after the UK and the Cayman Islands.
Consolidated Equity Growth
As of June 30, Tether’s consolidated equity reached $11.9 billion, showing an increase of $520 million from the first quarter. This growth in equity was achieved despite a $653 million unrealized loss.
Stablecoin Reserve and Investments
Tether, a popular stablecoin issuer, has maintained a strong reserve surplus of $5.3 billion as of the end of June. This surplus is crucial in ensuring the stability of its USDT tokens amidst market fluctuations.
Financial Performance
Despite a decline in Bitcoin prices, Tether reported a $165 million unrealized gain from its gold investments. The company’s Consolidated Financials Figures and Reserves Report (CFFRR) attestation confirmed that the value of reserves backing Tether tokens exceeded liabilities by $5.33 billion.
Reinvestment in Innovation
Tether has reinvested its profits into various projects, such as sustainable energy, Bitcoin mining, and AI infrastructure. This demonstrates the company’s commitment to innovation and long-term growth in the digital asset space.
The Financial Health of Tether
Tether, a popular stablecoin issuer, has a strong financial position with its consolidated assets exceeding its consolidated liabilities. This information has been verified by independent auditors from BDO, who have confirmed that the Consolidated Financials Figures and Reserves Report are accurately presented and do not contain any significant errors.
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