- Tether has achieved a net profit exceeding $5 billion in the first half of 2024.
- The USDT issuer has disclosed a $97 billion holding in US Treasuries, ranking it 18th globally
- Tether has expanded into Bitcoin mining and AI development in the last 18 months
Tether’s profits for the first half of 2024 have surpassed $5 billion, with the company saying that its $97 billion holding in US treasuries would put it 18th in the ranking among countries. The company, which has been branching out into many crypto-related fields in recent years alongside its stablecoin offerings, filed an attestation report which revealed a net operating profit of $1.3 billion, its best result ever, delivering a record net profit of $5.2 billion for the first half of the year. The company also revealed $11.9 billion in consolidated net equity, a statistic it said it was revealing “as part of its steadfast dedication to transparency.”
Tether’s Expansion Pays Dividends
Tether has been expanding into numerous sectors in the crypto space, most notably Bitcoin mining, following CEO PAolo Ardoino’s declaration in December last year that the company had “mind blowing” plans and investments for 2024. These have included the launch of “Alloy,” a platform for creating tokens backed by Tether’s tokenized gold cryptocurrency, Bitcoin mining in Uruguay, and a move into AI.
Aside from this, Tether has been buying up more traditional forms of investment like nobody’s business: in Q2 2024, Tether’s direct and indirect ownership of US Treasuries reached $97.6 billion, surpassing Germany, the UAE, and Australia in US debt holdings. This milestone places Tether 18th globally in terms of US debt ownership, and 3rd in 3-month US Treasuries purchases, trailing only the United Kingdom and the Cayman Islands.
Tether sees the potential to become the largest holder by next year, driven by the increasing adoption of its USDT tokens, which have a total market cap of over $114 billion.
CEO Praises New Direction
Ardoino praised the work of the company in 2024, stating that the company had “once again demonstrated its unwavering commitment to transparency, stability, liquidity, and responsible risk management” through its attestation report,” adding that it 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.”
