
Tether recently released its attestation report for the second quarter of 2024, revealing impressive financial results. The crypto company reported a record net income of $5.2 billion for the first half of 2024! Marking a significant milestone in its financial history.
A record quarter for Tether!
One of the highlights of this quarter is Tether’s unprecedented ownership of US Treasuries, reaching $97.6 billion, an all-time record. This achievement places the crypto company 18th in the world in terms of US debt holdings! Surpassing countries like Germany, the United Arab Emirates, and Australia. Additionally, Tether ranks third among buyers of three-month US Treasuries! After the United Kingdom and the Cayman Islands.
The second quarter of 2024 also saw 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, the 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 the group's equity of $520 million, reaching $11.9 billion as of June 30, 2024.
Tether is making its mark in the crypto industry!
Tether continues to demonstrate its financial strength with a solid revenue base from investments in traditional assets, primarily U.S. Treasuries. The company also maintains significant excess reserves, amounting to $5.3 billion, to ensure the stability of its crypto token.
Tether’s Q2 2024 report highlights the company’s financial strength. 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.
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