Tether's Record-Breaking Quarter
In a standout performance this quarter, Tether's ownership of US Treasury bills soared to an unprecedented $97.6 billion, marking an all-time high for the company. This remarkable achievement places Tether 18th globally in terms of US debt holdings, surpassing nations like Germany, the UAE, and Australia. Additionally, Tether ranks as the third-largest buyer of three-month US Treasury bills, following only the UK and the Cayman Islands.
The second quarter of 2024 also saw Tether issuing over $8.3 billion in USDt, further solidifying its position in the cryptocurrency market. Despite a decline in Bitcoin prices, which led to an unrealized loss of $653 million, gains from gold investments, with an unrealized gain of $165 million, helped partially offset these losses.
Financial Strength and Stability
Tether's report underscores its financial strength, showing consolidated assets surpassing consolidated liabilities and an increase in group equity by $520 million, reaching $11.9 billion as of June 30, 2024. This financial robustness is bolstered by a strong revenue base from investments in traditional assets, primarily US Treasury bills. The company also maintains significant excess reserves of $5.3 billion to ensure the stability of its crypto token.
Commitment to Transparency and Growth
Tether's second-quarter 2024 report not only highlights its financial stability but also emphasizes its commitment to transparency and market stability. With record profits and a leading position in the stablecoin market, Tether is well-positioned to continue expanding and reinforcing its influence in the cryptocurrency ecosystem.
