Skip to main content

Market Overview

Tether Reports Record $5.2B Profit In Q2

Share:
Tether Reports Record $5.2B Profit In Q2

Tether Holdings (CRYPTO: USDT) 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.

Benzinga Future of Digital Assets conference

Also Read: As Stablecoin Inflows Surge To All-Time Highs, Here’s What It Could Mean For Bitcoin And Crypto Market

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.

Read Next:

Image: Shutterstock

 

Related Articles ($USDT)

View Comments and Join the Discussion!

Posted-In: Stablecoins TetherCryptocurrency News Top Stories Markets

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com