As a seasoned crypto investor with a decade of experience under my belt, I must admit that Tether’s latest financial report has left me quite impressed. The $5.2 billion profit for the first half of 2024 is nothing short of staggering, and their strategic expansion in U.S. government bonds is a testament to their foresight and understanding of market dynamics.
For the initial six months of 2024, Tether, a prominent issuer of stablecoins and the creator of USDT token, reported extraordinary earnings amounting to $5.2 billion. Moreover, they unveiled a substantially larger collection of U.S. government bonds, currently estimated to be worth approximately $97.6 billion.
As per the latest report, Tether’s holdings of U.S. Treasuries have reached a record level, surpassing those of Germany, the United Arab Emirates, and Australia. This means that Tether now has more exposure to U.S. Treasuries than these countries do. The increase in Tether’s holdings is indicative of the rising popularity of USDT.
Tether currently ranks 18th among nations holding U.S. debt, trailing only the United Kingdom and Cayman Islands. Furthermore, it is poised to potentially surpass these countries and take the top spot within the next year when it comes to buying 3-month U.S. Treasuries.
According to the company, the strength of Tether’s financial status is reinforced by the fact that its total reserves surpass $118 billion.
In Q2 2024, our Group Equity saw an increase of $520 million. This rise was partly mitigated by the decrease in Bitcoin prices, which resulted in an unrealized loss on paper (PnL) of $-653 million. However, this decline was partially compensated by the favorable performance of gold, contributing a positive $165 million to our unrealized PnL.
As a researcher, I’d like to share some insights I recently uncovered regarding Tether. In my findings, it was revealed that their consolidated net equity amounted to an impressive $11.9 billion as of June 30. This figure underscores the company’s significant financial standing.
As a crypto investor, I’m excited to share that Tether recently disclosed their earnings have been strategically reallocated across various industries. This includes investments in sustainable energy solutions, Bitcoin mining operations, artificial intelligence infrastructure, and innovative sectors such as neurotechnology and advanced peer-to-peer telecommunications. It’s reassuring to know that the profits from my Tether holdings are being used to drive progress in these diverse and forward-thinking areas.
As someone who has been closely following Tether for years and witnessed its growth from a small startup to one of the leading stablecoins in the cryptocurrency market, I must say that their Q2 2024 attestation is truly impressive. With a net operating profit of $1.3 billion, an increase of $520 million in Tether’s Group own equity, bringing it to a total of $11.9 billion, and excess reserves of $5.33 billion, this report speaks volumes about the company’s financial stability and success. I am confident that Tether will continue to lead the way in the stablecoin market, offering a reliable and trusted digital currency for users worldwide.
— Paolo Ardoino 🤖🍐 (@paoloardoino) July 31, 2024
According to a statement from Tether’s CEO Paolo Ardoino on social media, the company currently possesses approximately 80,000 Bitcoins, which equates to around $5.1 billion. As previously reported by CryptoGlobe, Tether had pledged to allocate 15% of its annual net profits towards buying Bitcoin, with this being their long-term investment strategy for the flagship cryptocurrency.
Unlike conventional banks that keep only a fraction of their deposits in reserve, Tether largely backs its cryptocurrencies with cash and short-term American Treasury bonds (which currently offer about 5.28% annually). Additionally, they also invest in gold. In simpler terms, while traditional banks hold less money than what customers have deposited with them, Tether keeps more of the value tied to their digital currencies, primarily in cash and short-term U.S. government bonds, along with some gold assets.
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2024-08-01 03:10