Tether Announces Q2 2024 Certificates: Reports Record $5.2 Billion Profit in H1 2024, Highest Treasury Bill Holdings Ever, Group Consolidated Capital at Approximately $12 Billion, Highest Ever becomes
Tether Holdings Limited today announced its second quarter 2024 assurance opinion conducted by BDO, one of the world’s leading independent accounting firms. This attestation reaffirms the accuracy of Tether’s Consolidated Financial Figures and Reserve Report (CFFFRR), in addition to the traditional detailed breakdown of assets held in token reserves, as of June 30, 2024 Provides the current group’s key consolidated financial figures. Group capital.
Building on the momentum from Q1 2024, Q2 2024 marks a significant milestone with net operating income of $1.3 billion, the best performance in Tether history, and a record first-half net income of $5.2 billion. Achieved.
Tether Group continues to demonstrate financial strength thanks to a strong and sustainable revenue base from investments in traditional asset classes, primarily U.S. Treasuries. Furthermore, in the second quarter of 2024, the token reserves showed unprecedented results in direct and indirect ownership of US government bonds, exceeding $97.6 billion, a new all-time high. This achievement gives Tether greater exposure to government bonds than Germany, the United Arab Emirates, and Australia. Although China and other countries have recently been net sellers of U.S. Treasuries, Tether ranks 18th on the list of U.S. Treasury holders. Tether also ranks third in purchases of three-month U.S. Treasuries, behind the United Kingdom and the Cayman Islands. Given the trajectory of USDt implementation, it seems likely that it will be in first place next year.
In Q2 2024, Group capital increased by $520 million after taking into account the fall in BTC prices (which accounted for negative $653 million in unrealized gains and losses), but the strong performance of gold (which accounted for negative $653 million in unrealized gains and losses) +$165 million).
Additionally, as part of its firm commitment to transparency, the Group has announced its consolidated net capital, which was revealed to be a staggering $11.9 billion as at 30 June 2024.
A portion of the second quarter profits were reinvested into strategic projects that support the ecosystem while maintaining large excess reserves ($5.3 billion) to increase the stability of the token.
In the second quarter, more than $8.3 billion USDt was issued. The Consolidated Financial Figures and Reserve Report (CFFFRR) reiterates Tether’s strong financial position with consolidated assets exceeding consolidated liabilities.
Our management asserts that as of June 30, 2024:
The reserves of Tether tokens in circulation amount to USD 118,436,336,293. The debt of the company issuing Tether tokens amounts to USD 113,101,998,938, of which USD 112,395,445,973 is related to the digital tokens issued. As of June 30, 2024, the value of the assets comprising the reserve fund exceeds the value of the debt of the company issuing the Tether token by USD 5,334,337,355. The Group does not consider any portion of its reserves to back its issued tokens to be invested in sustainable investments. Energy, Bitcoin mining, data, AI infrastructure, P2P communications technology, neurotechnology, education, and other long-term proprietary investments.
“With its certification in the second quarter of 2024, Tether once again demonstrated its unwavering commitment to transparency, stability, liquidity, and responsible risk management. As demonstrated in this latest report, Tether Continuing to break records with a new profit benchmark of $5.2 billion for the first half of 2024, Tether Group’s equity capital reached $11.9 billion, achieving impressive and unparalleled financial strength and continuing to lead the way. It aims to not only improve the stability and liquidity of the stablecoin industry, but also provide its expertise across various fields such as artificial intelligence, biotechnology, and telecommunications. ” said Paolo Ardoino, CEO of Tether.
For more information, please see our latest Assurance Opinion and Consolidated Financial Figures and Reserve Report (CFFFRR) here.
