Tether Posts $5.2B Profit in First 6 Months of the Year

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Tether announced its latest quarterly attestation on Wednesday, revealing a record net profit of $5.2 billion for the first half of 2024.

The company also achieved a net operating profit of $1.3 billion in the second quarter, primarily driven by its yield-bearing investments and reserves.

This attestation was conducted by BDO, a trusted independent global accounting firm. Tether’s flagship stablecoin, USDT, currently has a market capitalization of almost $115 billion.

The company has benefited from the current inflationary economic climate and subsequent raised interest rates aimed at controlling an overheated economy.

According to a press release, Tether Group attributes its financial strength to a robust and steady revenue stream from traditional asset investments, primarily in US Treasuries.