Today, Tether Holdings Limited released its assurance opinion for the second quarter of 2024, conducted by BDO, a leading global independent accounting firm. The attestation reaffirms the accuracy of Tether’s Consolidated Financials Figures and Reserves Report (CFFRR) and provides, in addition to the traditional detailed breakdown of the assets held as tokens reserves, key consolidated financial figures of the Group as of June 30, 2024, such as the group equity.

Building on the momentum from Q1 2024, the second quarter of 2024 marked a significant milestone with a net operating profit of $1.3 billion, Tether’s best result ever, delivering a record net profit of $5.2 billion for the first half of the year. 

Tether Group continues to demonstrate its financial strengths thanks to a strong and persistent revenue base from traditional asset-class investments (mainly U.S. Treasuries). Additionally, Q2 2024 showcased, among the Tokens’ reserves, an unprecedented achievement in direct and indirect ownership of U.S. Treasuries, surpassing $97.6 billion, a new all-time high. This achievement brings Tether’s exposure to Treasuries above Germany, the United Arab Emirates, and Australia. While China and other countries have been recent net sellers of U.S. Treasuries, Tether positioned itself at 18th in the rankings of countries owning U.S. debt; Tether also ranks 3rd in purchases of 3-month U.S. Treasuries after the United Kingdom and the Cayman Islands. Given the trajectory of USDt adoption, it sees the potential of becoming 1st in the next year.

In Q2 2024 the Group Equity increased by $520 million after taking into consideration the drop in BTC prices (accounting for -$653 million of unrealized PnL), partially offset by a positive performance of gold (accounting for a positive $165 million of unrealized PnL).

Furthermore, as part of its steadfast dedication to transparency, the Group unveiled its consolidated net equity revealing an impressive $11.9 billion as of June 30, 2024.

Part of the profits of the second quarter were reinvested in strategic projects to support the ecosystem while maintaining a sizable amount of excess reserves ($5.3 billion) to further the stability of our token.

In the second quarter, over $8.3 billion in USDt was issued. The Consolidated Financials Figures and Reserves Report (CFFRR) reiterates Tether’s strong financial position, with consolidated assets surpassing consolidated liabilities.

The Management of the Company asserts the following as of June 30, 2024:

• The Reserves for Tether tokens in circulation amount to US$ 118,436,336,293.

• The liabilities of the Companies issuing Tether tokens amount to US$ 113,101,998,938 of which US$ 112,395,445,973 relates to digital tokens issued.

• 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

• The Group is not considering a part of its reserves backing the issued token the investments made into sustainable energy, Bitcoin mining, data, AI infrastructure, P2P telecommunications technology, neurotech, education, and other long-term proprietary investments.

“With the second quarter attestation of 2024, Tether has once again demonstrated its unwavering commitment to transparency, stability, liquidity, and responsible risk management. 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” said Paolo Ardoino, CEO of Tether.

For further details, please refer to the latest assurance opinion and the Consolidated Financials Figures and Reserves Report (CFFRR) here.