Tether released its 2024 Q2 certification report and declared first-half 2024 profits of $5.2 billion.
According to the report, Tether had a net operating profit of $1.3 billion in the second quarter of 2024 (compared to a profit of $4.52 billion in the first quarter).
Tether’s net asset value also increased by $520 million to $11.9 billion as of June 30, 2024, from a reported valuation of $7.01 billion on December 31, 2024.
Read more: Tether just erased previous net profit record in a single quarter
Tether generates its revenue by investing the fiat currency received from the issuance of the USDT stablecoin in various financial assets such as Treasury bills and precious metals. Tether’s U.S. Treasury holdings reached a record high of $97.6 billion in the second quarter, according to the report.
Tether reported that its stablecoin reserves as of June 30, 2024 amounted to $118,436,336,293. This amount exceeds the $113 billion in USDT outstanding at the time, making USDT fully backed and overcollateralized by approximately $5.3 billion.
The report also claims that over $8.3 billion USDT was issued in the second quarter. During the same period from April to the end of June, Tether’s stablecoin’s main competitor USDC fell by $800 million, and DAI fell by $100 million, according to Artemis data.
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