Stablecoin issuer Tether is reporting a $5.2 billion profit for the first six months of 2024. The news was shared as part of the firm’s Q2 attestation of holdings. Q2 generated $1.3 billion in profits after a strong Q1.
Tether reports that it mainly holds US Treasuries, now topping $97.6 billion, a new all-time high. Tether notes that its holdings of Treasuries are now more than Germany’s. Tether said it is ranked 18th when compared to countries owning U.S. debt.
At the same time, Tether ranks 3rd in purchases of 3-month U.S. Treasuries after the United Kingdom and the Cayman Islands.
Given the trajectory of USDt, its dollar based stablecoin, Tether believes it could take first place in the next year.
Over $8.3 billion in USDt was issued in the second quarter. Tether is the leading stablecoin issuer in the world.
Tether said the value of the assets composing the reserves as of June 30, 2024, exceeds the value of the liabilities of the companies issuing Tether tokens by US$ 5,334,337,355.
Paolo Ardoino, CEO of Tether, said the 2nd quarter attestation of 2024, they have once again demonstrated its unwavering commitment to transparency, stability, and liquidity.
“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. With Tether Group’s 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.”
Stablecoins are mainly used for on/off ramps to the cryptosphere. Issuers like Tether would like to see stablecoins regulated and accepted as the new payment rails for fiat currency providing value transfer faster and at a lower cost.