Tether Q2 results: H1 profit and US treasury holdings hit record highs as group's consolidated equity reaches nearly $12bn

On 31 July, according to the official blog, Tether Holdings Limited released its Q2 2024 assurance opinion conducted by independent accounting firm BDO, which provides key consolidated financials for the group as of 30 June 2024, such as group equity, in addition to the traditional detailed breakdown of assets held as token reserves. 2024 Net operating profit reached $1.3bn in the second quarter, Tether's best ever result, with a record $5.2bn net profit in the first half of the year.

In addition, in Q2 2024, its direct and indirect holdings of U.S. Treasury holdings in token reserves exceeded $97.6 billion, an all-time high, putting Tether's exposure to U.S. Treasuries ahead of Germany, the United Arab Emirates, and Australia, and placing Tether 18th in the ranking of countries holding U.S. debt. in Q2 2024, taking into account the BTC price decline (-$653 million of unrealised PL), the group's equity increased by $520 million, which was partially offset by the positive performance of gold ($165 million of unrealised PL). In addition, the group announced its consolidated net assets, which as at 30 June 2024 stood at US$11.9 billion. During the second quarter, USDt issuance exceeded $8.3 billion.

As of 30 June 2024, the total Tether token reserve in circulation was USD 118,436,336,293. Total liabilities of companies issuing Tether tokens were $113,101,998,938, of which $112,395,445,973 related to digital tokens issued. As at 30 June 2024, the value of the assets constituting the reserve exceeds the value of the liabilities of the companies issuing the Tether tokens by US$5,334,337,355. The group has not considered using a portion of its reserves backing the issuance of the tokens for sustainable energy, bitcoin mining, data, artificial intelligence infrastructure, P2P telecoms technology, neurotechnology, education and other long-term proprietary investments.