🚀 Tether Reports Strong Financial Performance in H1 2024
Tether has released its assurance report for the second quarter of 2024, announcing an impressive net profit of $5.2 billion for the first half of the year. According to the report, Tether achieved a net operating profit of $1.3 billion in the second quarter of 2024, following a remarkable profit of $4.52 billion in the first quarter.
💼 Asset Growth and Stability
Tether’s net assets increased by $520 million, reaching $11.9 billion as of June 30, 2024. This marks a significant rise from the reported valuation of $7.01 billion on December 31, 2023. The company assures that its USDT is fully backed and over-collateralized by at least $5.3 billion.
📊 Revenue Streams and Investments
Tether’s revenues are primarily generated from investing the fiat currencies received from issuing its stablecoin, USDT, into various financial assets such as T-bills and precious metals. The report highlights that Tether’s holdings of U.S. Treasury securities reached an all-time high of $97.6 billion in the second quarter.
🏦 Stablecoin Reserves and Market Position
As of June 30, 2024, Tether’s stablecoin reserves amounted to $118.4 billion, surpassing the $113 billion USDT issued, thereby ensuring full backing and over-collateralization of approximately $5.3 billion. The report also states that over $8.3 billion in USDT was issued in the second quarter. In contrast, Tether’s main competitor, USDC, saw a decline of $0.8 billion, and DAI dropped by $0.1 billion during the same period, according to Artemis data.
