The growth in profits mainly comes from traditional asset class investments, with US Treasury bonds as the main component.

Source: cryptoslate

Compiled by: Blockchain Knight

According to the second-quarter audit report recently released by the global leading independent accounting firm BDO, Tether Holdings announced a net profit of 5.2 billion US dollars for the first half of 2024, reaching a historical high.

At the same time, the company's net operating profit for the second quarter was 1.3 billion US dollars, setting a record for the highest quarterly profit to date.

The growth in profits mainly comes from traditional asset class investments, with US Treasury bonds as the main component, which has resulted in Tether directly and indirectly holding assets exceeding 97.6 billion US dollars.

This figure places Tether's holdings of US Treasury bonds ahead of countries such as Germany, the United Arab Emirates, and Australia, ranking 18th in the global US bond holdings. At the same time, the company ranks third in the purchase of 3-month US Treasury bonds, behind only the UK and the Cayman Islands.

As of June 30, Tether's comprehensive equity reached 11.9 billion US dollars, an increase of 520 million US dollars from the first quarter.

Although the decline in BTC prices resulted in an unrealized loss of 653 million US dollars, the unrealized gain from gold investments partially offset this loss, amounting to 165 million US dollars.

Tether issued over 8.3 billion US dollars' worth of USDT in the second quarter and maintained a reserve surplus of 5.3 billion US dollars at the end of June to ensure the stability of its tokens.

This proof once again confirms the accuracy of Tether's Comprehensive Financial Figures and Reserve Reports (CFFRR), emphasizing that the reserve value supporting Tether's circulating tokens exceeds liabilities by 5.33 billion US dollars.

As of June 30, Tether's total reserve for tokens was 118.44 billion US dollars, while liabilities were 113.10 billion US dollars, of which 112.40 billion US dollars were related to issued digital tokens.

Tether reinvests profits into various projects, including sustainable energy, BTC mining, data, artificial intelligence infrastructure, P2P telecommunications technology, neural technology, and education, demonstrating its commitment to innovation and long-term development.

The second-quarter report also emphasized Tether's financial condition, with comprehensive assets exceeding comprehensive liabilities.

The independent auditor's report from BDO confirms that the consolidated financial data and reserve reports are fairly presented, with no significant misreporting.

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