Tether Reports Record $5.2 Billion Profit in First Half of 2024
Tether Holdings Ltd has revealed its financial performance for the second quarter of the year, showcasing significant growth.
The company reported an unprecedented profit of $5.2 billion for the first half of the year, marking a milestone in its history.
Leading the stablecoin market, Tether not only posted strong profits but also became the largest holder of US Treasury Bills in Q2. This development was confirmed by BDO, a renowned independent accounting firm, adding credibility to Tether’s financial standing.
In detail, Tether’s net operating profit reached $1.3 billion, the highest in the company’s history. The total net profit for the first six months of the year hit $5.2 billion, driven by substantial returns from investments in US Treasuries.
With these profits, Tether’s holdings in US Treasuries surpass those of several major countries, including Germany, the UAE, and Australia. This achievement comes despite the fluctuating interest rate environment, demonstrating Tether’s robust financial model.
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“Tether has built an unparalleled financial foundation, allowing it to lead the stablecoin sector in terms of stability and liquidity while expanding its expertise into fields like AI, biotech, and telecommunications,” said Paolo Ardoino, CEO of Tether.
In contrast, Tether’s competitor Circle is actively advocating for stringent regulations within the EU’s stablecoin market. Circle supports the Markets in Crypto Assets (MiCA) regulation, which has gained traction. Patrick Hansen, Circle’s policy head, highlighted at the ETHCC event that MiCA could significantly boost the market for EUR stablecoins, potentially growing their market cap to over €1 billion in the next couple of years.
However, Tether remains critical of MiCA, particularly concerning its implications for US dollar-pegged stablecoins.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
