Discover Tether’s Record-Breaking Profits in Q2 2024 📈
Recently, Tether, the world’s largest stablecoin issuer, has unveiled its attestation report for the first half of this year, showcasing an impressive $5.2 billion profit. Let’s delve into the details of this remarkable achievement and what it means for the crypto space.
Insights from Tether’s Attestation Report 📊
Tether’s report, audited by BDO, a leading independent accounting firm, has confirmed the accuracy of its financial figures and reserves report. Here are some key takeaways from the report:
- Tether recorded a net operating profit of $1.3 billion in Q2 2024.
- The company’s ownership of United States Treasury bills surged to an all-time high of $97.6 billion.
- Its total profit for the first half of 2024 reached $5.2 billion, marking a significant milestone for Tether.
Tether’s Financial Success and Revenue Streams 💰
With a robust revenue base stemming from traditional asset-class investments, particularly U.S. Treasuries, Tether has solidified its position in the market. Here are some notable highlights:
- Tether’s exposure to Treasuries surpasses that of several countries, including Germany, Australia, and the UAE.
- The company ranks 18th globally in U.S. debt ownership and is the third-largest buyer of three-month U.S. Treasuries.
- Paolo Ardoino, Tether’s CEO, emphasized the company’s commitment to transparency and responsible risk management, as evidenced by its stellar financial performance.
Significant Growth in Tether’s Equity and USDT Supply 🚀
In Q2 2024, Tether issued over $8.3 billion USDT, pushing its circulating supply to approximately 117 billion tokens. Despite this, Tether maintains robust reserves, exceeding $118.4 billion, with consolidated assets outweighing liabilities. Other key points include:
- Tether’s consolidated net equity surged to $11.9 billion by the end of June 2024, reflecting a $520 million increase from the previous quarter.
- The company’s investments in various sectors, such as sustainable energy and technology, are not counted as part of its USDT reserves.
Hot Take: Tether’s Unprecedented Success 🔥
As Tether continues to break records and solidify its position as a leading stablecoin issuer, the crypto community eagerly awaits its future growth and innovations. Stay tuned for more updates from Tether as it reshapes the landscape of digital assets!
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