Tether Reports Strong Earnings for Q2 2024: $1.3 Billion net revenue
Tether Holdings, the company behind the popular stablecoin USDT, has announced impressive results for the second quarter of 2024.
Tether’s Q2 2024 results highlight its strong financial position and commitment to helping underserved communities. The company’s investments in AI and biotechnology show a focus on future technologies that can make a big difference in people’s lives. Tether continues to be a major player in the cryptocurrency world, providing stability and support to its global user base.
Financial Growth
Net Operating Profit: Tether made a profit of $1.3 billion.
Equity Increase: The company’s total equity grew by $520 million, reaching $11.9 billion.
Excess Reserves: Tether has $5.33 billion in extra reserves, which shows they have more funds than needed to back all their issued stablecoins.
Investments in the U.S. Treasuries: Tether has increased its investment in U.S. Treasuries to more than $97.5 billion, up by $7 billion from the last quarter. This makes Tether a significant holder of U.S. debt, ranking 18th in the world, even above countries like Germany and Australia.
Bitcoin Holdings and Strategic Reserves
Tether also owns around 80,000 bitcoins. The company decided to keep $5.33 billion in extra reserves instead of giving this money to shareholders. This decision supports users, especially in countries with high inflation where the local currency is losing value against the U.S. dollar.
Mission and Social Impact
Tether aims to provide reliable digital financial services with the help of blockchain technology in those countries where banking systems are not up-to-date. Many people from such countries do not have access to multiple bank accounts or credit cards. Tether’s goal is to help them save money and protect their wealth using digital wallets.
Key Investments
Tether has also made significant investments in new technologies. For example Artificial Intelligence (Investment in Northern Data Group to develop accessible AI technology),
Biotechnology (acquired a majority stake in Blackrock Neurotech).
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