Tether Reports Register $5.2 Billion Profit in First Half of 2024

Written by W, Leah

Last updated: 2024-07-31

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Tether announces record-breaking $5.2 billion net profit for H1 2024, fueled by robust returns from traditional asset investments.

According to an official announcement by Tether, the second quarter of 2024 represented a significant milestone for the company, recording a net operating profit of $1.3 billion. This achievement brought the total profit for the first half of the year to a record $5.2 billion.

Tether H1 Profits Soar to New Heights
Reinvested Profits for Financial Performance
Tether and Circle Holds Opposing Views about MiCA

Tether H1 Profits Soar to New Heights

The BDO-conducted report underscored that Tether boasts a substantial reserve portfolio, notably holding over $97.6 billion in United States Treasuries, positioning it as a prominent global holder of these assets, surpassing even the holdings of several nations.

Ranking-wise, Tether stands tall at the 18th spot among nations that own US debt and impressively takes the third place in acquiring 3-month US Treasuries, trailing closely behind the United Kingdom and the Cayman Islands.

Further reinforcing its financial standing, Tether’s consolidated net equity as of June 30, 2024, was reported at a robust $11.9 billion, underscoring the company’s robust financial footing and its ability to uphold a robust reserve system supporting its tokens.

During the second quarter, the company successfully issued over $8.3 billion in USDT, with the report affirming that Tether’s assets outweigh its liabilities, attesting to its sound financial health and stability.

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Reinvested Profits for Financial Performance

A segment of the profits garnered was redirected towards strategic initiatives aimed at bolstering the overall ecosystem. Despite encountering an unrealized loss stemming from the decline in Bitcoin values, the favorable performance of gold significantly contributed to a net enhancement in the company’s equity position.

“With the second quarter attestation of 2024, Tether has once again demonstrated its unwavering commitment to transparency, stability, liquidity, and responsible risk management,” stated Tether CEO Paolo Ardoino.

“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 Ardoino.

Tether and Circle Holds Opposing Views about MiCA

Meanwhile, Tether’s competitor, Circle, has been proactive in fostering robust regulatory frameworks within the European Union’s stablecoin landscape. Since the inception of the Market in Crypto Assets (MiCA) regulation, it has garnered considerable momentum. Furthermore, USDC’s issuer, Circle, expresses confidence in its ability to usher in a paradigm shift within the cryptocurrency realm.

Circle’s policy lead, Patrick Hansen, shared his insights at the recent ETHCC event, highlighting the potential game-changing impact of MiCA on the industry. He holds a positive outlook, predicting that EUR-denominated stablecoins will experience significant growth, potentially quintupling their market capitalization and exceeding €1 billion within the next one to two years.

However, Tether holds a differing stance, disagreeing that MiCA is beneficial for the stablecoin market, particularly for those pegged to the United States dollar.

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