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

article-image

Skorzewiak/Shutterstock modified by Blockworks

share

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.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates (19).png

Research

Suilend has grown into the top money market and liquid staking provider on Sui. STEAMM, Suilend’s Superfluid AMM, presents a compelling avenue for growing market share within Sui’s DEX landscape and revenue generation for the protocol. Suilend’s multi-product suite position it well for owning market share across key verticals. While current metrics across the Sui ecosystem are likely inflated due to Sui Foundation incentive programs, SEND trades at amongst the lowest multiples in the lend/borrow sector, suggesting that a bull case for continued growth in the ecosystem may be mispriced.

article-image

The stablecoin issuer now plans to offer 32 million Class A common stock shares at a price of up to $28 each

article-image

Let’s go whale watching, Bitcoin style: Investigating the mysterious “12ib7” wallet now worth $3.2 billion

article-image

Bitget’s L2 is undergoing a leadership change and will be helmed by Colin Goltra, formerly the blockchain’s chief growth officer

article-image

The funding was spread out across 61 rounds, a slight dip in both number of rounds and total funding in comparison to other months

article-image

Why is it controversial to say things are better than they used to be?

article-image

Wallchain could make influencer ROI more measurable for Solana businesses