Tether Reports Record $5.2 Billion Profit for H1 2024

Stablecoin giant Tether has continued its streak of success, reporting a record $5.2 billion profit for the first half of 2024.

Tether Reports Record $5.2 Billion Profit for H1 2024. Source: CryptoSlate

On the evening of July 31, Tether released its Q2 and H1 2024 operational report. According to the report, Tether achieved a net profit of $1.3 billion for the past three months, bringing the total profit for the first half of the year to $5.2 billion. This is the highest quarterly net profit in the company's history.

Tether's Remarkable Financial Milestones

In addition to the record profit, Tether set another milestone by increasing its holdings of U.S. Treasury bills (both direct and indirect) to $97.6 billion. This achievement makes Tether the 18th largest holder of U.S. government debt globally, surpassing Germany, the UAE, and Australia.

The company disclosed that Tether’s equity value now stands at $11.9 billion, also the highest ever recorded.

Other Key Figures from Tether’s Assets as of June 30, 2024:

• Total Assets: $118 billion
• Total Liabilities: $113 billion, representing the USDT supply in circulation.
• Total Value of U.S. Treasury Bills, Cash, and Cash Equivalents: $99.7 billion
• Gold Investments Value: $3.8 billion
• Bitcoin Investments Value: $4.7 billion
• Reserve Fund Size: Slightly decreased from $6.3 billion to $5.9 billion.

The company noted that due to the decline in Bitcoin prices during Q2 2024, the value of its Bitcoin holdings decreased by $653 million. Unlike the previous two quarters, Tether did not announce any new Bitcoin investments during the past three months.

Instead, Tether focused on stabilizing operations after restructuring into new divisions: Finance, Energy, Data, Education, and Technology Advancement.

Tether’s CEO, Paolo Ardoino, reported that the company now has an investment portfolio worth $6.56 billion, with notable recent deals including Northern Data (over $1 billion) and Blackrock Neuro ($200 million). Ardoino affirmed in June that Tether plans to invest an additional $1 billion in the remainder of 2024.

Despite these achievements, the slower pace of the crypto market in Q2 is evident in the reduced growth of USDT supply compared to the rapid expansion seen in late 2023 and early 2024.

USDT Market Cap Growth Over the Past Year. Source: CoinMarketCap at 11:45 PM on July 31, 2024