Tether Announces Record $5.2 Billion Profit for H1 2024
Tether Holdings Ltd, the issuer of the USDT stablecoin, has reported a record net profit of $5.2 billion for the first half of 2024. This impressive financial performance is attributed to the company's yield-bearing investments and reserves. In the second quarter alone, Tether achieved a net operating profit of €1.3 billion, largely due to high-yield investments. The company's total market capitalization for USDT stands at nearly $115 billion, and it holds $97.6 billion in U.S. Treasuries, ranking it 18th among countries owning U.S. debt.
Despite some controversies in the past, including an $18.5 million settlement with the New York Attorney General for misrepresentations about the stablecoin's backing, Tether's financial strength remains robust. As of June 30, 2024, the company's consolidated net equity reached $11.9 billion. Tether has also been investing its profits in various initiatives such as decentralized AI, Bitcoin mining, and the peer-to-peer messaging platform Keet. CEO Paolo Ardoino emphasized the company's commitment to transparency, stability, and responsible risk management, which he believes have enabled Tether to maintain its leading position in the stablecoin industry.
