Tether reports a “record” $5.2B net profit in H1 2024, net operating profit of $1.3B in Q2, and $97.6B US debt holdings, more than Germany and other countries
Tether had already reported $1.5 billion in first-quarter 2023 profit and $2.44 billion in excess reserves, then disclosed a second-quarter profit of $850 million alongside more than $3.3 billion in excess reserves. This report marks a much larger balance-sheet and earnings footprint than that earlier Q2 2023 reserve update.
The subsequent coverage shows the result was not isolated: Treasury and gold yields were cited in Tether's Q3 profit report, while 2024 profits were later attributed substantially to Treasuries and repo holdings. That makes the size of its US debt portfolio central to understanding its business model, rather than a side disclosure.
First-order effects
Tether gains a larger disclosed earnings and reserve cushion, while USDT holders and counterparties get more visibility into the scale of assets backing the issuer's operations.
Its $97.6 billion US debt position makes Treasury-market income a direct contributor to Tether's reported profitability, alongside the economics of issuing and managing USDT.
Second-order effects
Other stablecoin issuers face a clearer benchmark: scale in dollar-linked token circulation can translate into meaningful interest income when reserve assets are held in US government debt.
The growth of a private stablecoin issuer's Treasury portfolio increases the importance of reserve composition and disclosure for users, counterparties, and policymakers evaluating dollar-token products.
Third-order effects
If reserve-funded earnings continue to grow with stablecoin scale, the sector could become more concentrated around issuers able to combine distribution, reserve management, and compliance credibility.
The pattern points toward stablecoins functioning increasingly as a channel between digital-asset demand and short-duration government debt, which may intensify scrutiny of reserve liquidity and issuer transparency.
The trend: Stablecoin issuers are evolving from token operators into large-scale reserve managers whose earnings are increasingly tied to government-debt yields.
Tether's Q2 2024 attestation is out. Another great quarter. A short summary as of 30 June 2024: * $1.3 billion in net operating profit. * $520 million increase in Tether's Group own equity, bringing it to a total of $11.9 billion. * $5.33 billion in excess reserves * more than
So @Tether_to just announced their record breaking $5.2 billion earnings for the first half of this year. Do you guys actually understand how huge this is? That's almost 30 million USD a day. IN PROFITS. That's probably more than most S&P500 companies have. Bullish on $USDT [imag…
Tether announces $5.2B profit in first half of 2024 in attestation $98 Billion in US Treasuries through direct and indirect Monster print https://tether.io/... [image]
USDC and Tether is the crypto community giving away almost $8b a year to two random companies. It's dumbfounding to me. Even if you are staking USDC, you are literally first giving someone 5% risk free, and then taking risk yourself 5% behind.
I'm old enough to remember that there were clowns like bitfinexed who dedicated their whole life into fudding Tether instead of making money on crypto. $5.2b profit is insane. They could single handedly buy out Germany's stack if they wanted to. wtf
Tether did $5.2 billion in PROFIT in the first 6 months of the year. Almost $1 billion in profits per month. They did it with less than 100 employees too. Insane 🤯
Tether not only discloses the (excess) reserves backing USDt, but also shares information on its PnL with the public. When does Circle match this degree of transparency and discloses their PnL?
Tether just reported $5.2B in profit for the first half of 2024 🤯 That puts them up there with the biggest companies in the world. They notably hold $81B in US Treasuries (more than Germany) & $4.7B in Bitcoin amongst other assets. All with <100 employees... [image]
two more fun historic examples During the height of controversy surrounding Tether , Circle operated an OTC desk that heavily engaged in transactions using USDT, despite publicly criticizing its stability and safety. At the same time, Circle representatives promoted their own
> be Circle > have valuation 5bn, cut leaked to press > wake up next morning > Tether post 5.2bn profit for half a year Astonishingly vindictive mogging
Tether clocks $5.2 Billion profits in the first half of 2024. Bitcoin holdings at $4.7 Billion, precious metals at 3.8 Billion, other investments at $3.5 Billion. Some amazing projects in the pipeline. Lots to look forward to! https://x.com/... [image]
Tether Releases Q2 2024 Attestation: Reports Record-Breaking $5.2 Billion Profit In First Half Of 2024, Highest Treasury Bill Ownership Ever and Largest Ever Group Consolidated Equity At Almost $12 Billion https://tether.io/...
People keep saying this and citing wow Tether has more profit than XYZ but let's not call unrealized gains on BTC/Gold as profits which makes up 80% of this profit. If we did that all of CT would be retired.