Tether reports net profit of $5.2B in H1 2024

Tether also claims its USDT is fully backed and overcollaterized by at least $5.3 billion, as of June 30 2024

July 31, 2024 01:34 pm

Skorzewiak/Shutterstock modified by Blockworks

Tether has just released its attestation report for Q2 2024, declaring a $5.2 billion profit for the first half of 2024.

In Q2 of 2024, Tether generated a net operating profit of $1.3 billion, compared to Q1’s earnings of $4.52 billion, per the report.

Tether’s net equity worth also increased by $520 million to $11.9 billion as of June 30, 2024, up from its reported valuation of $7.01 billion on Dec. 31, 2024.

Tether’s revenues come from investing fiat currencies it receives from issuing its USDT stablecoin into various financial assets, such as T-bills and precious metals. According to the report, Tether’s ownership of US Treasurys in Q2 reached an all-time high of $97.6 billion.

Tether reported that its stablecoin reserves, as of June 30, 2024, amount to $118,436,336,293. That sum exceeds the then-issued USDT of $113 billion, making USDT fully backed and over-collateralized by about $5.3 billion.

The report also claims that over $8.3 billion in USDT was issued in the second quarter. Within the same timeframe of April to the end of June, Tether’s main stablecoin competitor — USDC — dropped by $0.8 billion while DAI has dropped by $0.1 billion, according to Artemis data.

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