Tether Attestation Report Shows Record Net Profit of $5.2 Billion for the First Half of 2024

Key Points:

• Tether declared its record net operating profit at $1.3 billion for Q2 2024, adding to the total net profit of $5.2 billion in the first half of the year.
• According to Tether attestation report, its exposure in U.S. Treasury holdings reached an all-time high of $97.6 billion, placing it 18th in global Treasury ownership.

Tether Holdings Limited today has released its assurance opinion for Q2 2024 from one of the largest independent accounting firms in the world, BDO.

Read more: Tether USDT Redemptions Will Be Stopped on Multiple Blockchains in 2025

Tether Attestation Report: Company Strikes Record Q2 Profit of $1.3 Billion

According to the Tether attestation report, the figures have captured the correctness of the Tether Consolidated Financial Figures and Reserves Report, underlining some key financial metrics as of June 30, 2024.

Tether operations brought its total operational net profit to $1.3 billion in a record quarter that helped the firm attain a record net profit of $5.2 billion for the first half of 2024. The result underlined Tether’s solid revenue base, which mainly came from U.S. Treasuries.

Reserves of Tether now hold a record $97.6 billion in U.S. Treasuries, larger than Germany, UAE, and Australia combined. As far as U.S. Treasury ownership globally goes, Tether comes 18th on the list and 3rd in purchases of the 3-month Treasuries, trailing only the UK and Cayman Islands.

Tether’s Net Equity Surges to $11.9 Billion in Boost to Financial Stability

Despite that unrealized $653 million loss from falling Bitcoin prices, the Group Equity of Tether increased by $520 million, also boosted by a $165 million unrealized gain from gold investments. The consolidated net equity of the Group stands at $11.9 billion.

In Q2 2024, over $8.3 bln in USDT were issued by Tether, with still decent excess reserves of $5.3 bln in place for stability. Moreover, reiterated several times, according to the CFFRR, Tether finds itself in an even more robust position with regard to its finances: it has more assets than liabilities.

The latest Tether attestation report outlines the high level of commitment Tether has for transparency, stability, and liquidity. The company holds its leading position in the space of stablecoin and further fuels its expertise in AI, biotech, and telecommunications.