{"id":35217,"date":"2024-07-31T21:07:29","date_gmt":"2024-07-31T21:07:29","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/tether-hit-a-record-5-2-billion-profit-in-first-half-on-2024\/"},"modified":"2024-07-31T21:07:29","modified_gmt":"2024-07-31T21:07:29","slug":"tether-hit-a-record-5-2-billion-profit-in-first-half-on-2024","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/tether-hit-a-record-5-2-billion-profit-in-first-half-on-2024\/","title":{"rendered":"Tether hit a record $5.2 billion profit in first half on 2024"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/tether-1-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/tether-1-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/tether-1-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/tether-1-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li><span style=\"font-weight: 400\">Tether recorded $1.3 billion in net operating profit for Q2 and $5.2 billion for the first six months of the year.<\/span><\/li>\n<li><span style=\"font-weight: 400\">Q2 also saw a $520 million increase in group equity, bringing the total to $11.9 billion.<\/span><\/li>\n<li><span style=\"font-weight: 400\">Tether held $5.33 billion in excess reserves as of June 30, 2024.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Tether Holdings Limited recorded a staggering $5.2 billion in net profit for the first half of 2024, the company has <a href=\"https:\/\/tether.io\/news\/tether-q2-2024-attestation-reports-record-breaking-5-2-billion-profit-in-first-half-of-2024-highest-treasury-bill-ownership-ever-largest-ever-group-consolidated-equity-at-almost-12-billion\/\" target=\"_blank\" rel=\"noopener\">announced<\/a>.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In details shared on July 31, <a href=\"https:\/\/coinjournal.net\/news\/tag\/tether\/\">Tether<\/a> said its operating profits for the second quarter of the year reached $1.3 billion, a milestone that saw its net profits for the first six months of the year rise to $5.2 billion.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cWith the second quarter attestation of 2024, Tether has once again demonstrated its unwavering commitment to transparency, stability, liquidity, and responsible risk management. As shown in this latest report, Tether continues to shatter records with a new profit benchmark of $5.2 billion for the first half of 2024,\u201d Paolo Ardoino, CEO of Tether, said.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">$97.6 billion in US Treasuries<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Tether\u2019s Q2 2024 attestation report also indicates that the <a href=\"https:\/\/coinjournal.net\/news\/tether-challenges-un-report-on-usdts-use-in-illicit-activity\/\">USDT<\/a> issuer has increased its US Treasury bills holdings to $97.6 billion. It puts the crypto company 18<\/span><span style=\"font-weight: 400\">th<\/span><span style=\"font-weight: 400\"> overall in global ownership of US Treasuries ahead of Germany, the United Arab Emirates and Australia.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Notably, Tether ranks third in the 3-month purchases behind the United Kingdom and the Cayman Islands.\u00a0<\/span><\/p>\n<p>In Q3, 2023, Tether <a href=\"https:\/\/coinjournal.net\/news\/tether-attestation-shows-cash-cash-equivalents-rose-to-85-7\/\">reported<\/a> its US T-bills stood at $72.6 billion.<\/p>\n<h2><span style=\"font-weight: 400\">Excesss reserves are at $5.3 billion<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Tether says its group equity rose by $520 million in the second quarter of 2024 to overall $11.9 billion. <\/span><\/p>\n<p><span style=\"font-weight: 400\">According to the report, the increase in group equity came despite the company seeing a $653 million in unrealized loss amid Bitcoin\u2019s price dip. However, gains for gold and a $165 profit helped to \u201cpartially offset\u201d the loss.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cWith Tether Group\u2019s own equity reaching $11.9 billion, Tether has achieved an impressive and unmatched financial strength enabling it to continue leading the stablecoin industry in stability and liquidity as well as to bring its expertise across different areas such as Artificial Intelligence, Biotech, and Telecommunications\u201d Ardoino added.<\/span><\/p>\n<p><span style=\"font-weight: 400\">While the company reinvested a portion of the Q2 profits in strategic projects, it still maintains $5.3 billion in excess reserves.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Tether issued more than $8.3 billion in USDT during the quarter.<\/span><\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/tether-profit-hit-a-record-5-2-billion-in-first-half-on-2024\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) Tether recorded $1.3 billion in net operating profit for Q2 and $5.2 billion for the first six months of the year. Q2 also saw a $520 million increase in group equity, bringing the total to $11.9 billion. Tether held $5.33 billion [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":35218,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/35217"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=35217"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/35217\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/35218"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=35217"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=35217"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=35217"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}