Tether reports net profit of $5.2B in H1 2024
Tether also claims its USDT is fully backed and overcollaterized by at least $5.3 billion, as of June 30 2024
Skorzewiak/Shutterstock modified by Blockworks
Tether has just released its attestation report for Q2 2024, declaring a $5.2 billion profit for the first half of 2024.
In Q2 of 2024, Tether generated a net operating profit of $1.3 billion, compared to Q1’s earnings of $4.52 billion, per the report.
Tether’s net equity worth also increased by $520 million to $11.9 billion as of June 30, 2024, up from its reported valuation of $7.01 billion on Dec. 31, 2024.
Read more: Tether just obliterated its former net profit record for a single quarter
Tether’s revenues come from investing fiat currencies it receives from issuing its USDT stablecoin into various financial assets, such as T-bills and precious metals. According to the report, Tether’s ownership of US Treasurys in Q2 reached an all-time high of $97.6 billion.
Tether reported that its stablecoin reserves, as of June 30, 2024, amount to $118,436,336,293. That sum exceeds the then-issued USDT of $113 billion, making USDT fully backed and over-collateralized by about $5.3 billion.
The report also claims that over $8.3 billion in USDT was issued in the second quarter. Within the same timeframe of April to the end of June, Tether’s main stablecoin competitor — USDC — dropped by $0.8 billion while DAI has dropped by $0.1 billion, according to Artemis data.
Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.
Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.
The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.
