Crypto: Tether Shatters Records with $5.2 Billion in Profits!

Tether recently released its attestation report for the second quarter of 2024, revealing impressive financial results. The crypto company posted a record net profit of $5.2 billion for the first half of 2024! Marking an important milestone in its financial history.

A record quarter for Tether!

One of the highlights of this quarter is Tether’s unprecedented ownership of US Treasury bills, reaching $97.6 billion, an all-time high. This achievement places the crypto company at 18th globally in terms of US debt holdings! Surpassing countries like Germany, the UAE, and Australia. Furthermore, Tether ranks third among buyers of three-month US Treasury bills! After the UK and the Cayman Islands.

The second quarter of 2024 was also marked by an issuance of over $8.3 billion in USDt. Strengthening Tether’s position in the crypto market. Despite a drop in bitcoin prices, which resulted in an unrealized loss of $653 million, positive performance of gold, with an unrealized gain of $165 million, partially offset this loss.

This report highlights Tether’s financial strength, with consolidated assets exceeding consolidated liabilities. But also an increase in group equity of $520 million, reaching $11.9 billion as of June 30, 2024.

Tether asserts itself in the crypto industry!

Tether continues to demonstrate its financial strength through a solid revenue base from investments in traditional assets, primarily US Treasury bills. The company also maintains significant excess reserves, amounting to $5.3 billion, to ensure the stability of its crypto token.

The second quarter 2024 report of Tether highlights the company’s financial robustness. But also, its commitment to transparency and stability. With record profits and a dominant position in the stablecoin market, Tether is well-positioned to continue growing and strengthening its presence in the crypto ecosystem.