Tether, the world’s largest stablecoin issuer, reported a record $5.2 billion profit for the first half of 2024.
The company’s Q2 2024 net operating profit was $1.3 billion, and its U.S. Treasury bill holdings reached $97.6 billion.
A review by BDO confirmed the accuracy of Tether’s financials and reserves. The company’s revenue is mainly from U.S. Treasuries, making it a significant holder of U.S. debt.
Tether issued over $8.3 billion USDT in Q2, with a circulating supply of 117 billion and reserves of over $118.4 billion. The firm’s consolidated net equity was $11.9 billion as of June 30, despite a drop in bitcoin and gold prices.
USDT is essential in the digital asset market, acting as a bridge between traditional fiat currency and blockchain-based markets.
It provides liquidity for trading and lending and facilitates transfers and savings, particularly in developing regions, offering access to dollar-denominated assets outside traditional banking systems.
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