TechFlow reports on September 13 that, according to Coinpost, Tether, the issuer of stablecoin USDT, released its second-quarter financial report showing a record-high net profit of $5.2 billion for the first half of 2024. The net operating profit for Q2 (April to June) reached $1.3 billion, another new high. Tether’s total revenue in 2023 reached $6.2 billion, surpassing BlackRock's $5.5 billion during the same period. Notably, Tether has only 100 employees compared to BlackRock’s 20,000, highlighting Tether’s exceptionally high profitability per employee.
The report also revealed that Tether Group's net assets increased by $520 million from the previous quarter, reaching $11.9 billion. The company currently holds 75,354 bitcoins. Although the decline in bitcoin prices led to an unrealized loss of $653 million in the second quarter, this was partially offset by gains from gold investments. The largest contributor to Tether's financial performance remains returns from U.S. Treasury securities, which constitute approximately 80% of USDT’s reserve assets. As of the end of the second quarter, Tether held a record $97.6 billion in U.S. Treasuries directly or indirectly, making it the 18th-largest holder of U.S. government debt globally.
Tether CEO Paolo Ardoino stated that the company chose to allocate $5.33 billion in surplus reserves toward fulfilling its mission of providing financial services to the unbanked population worldwide rather than distributing dividends. Additionally, Tether has built an investment portfolio totaling approximately $6.56 billion, focused on companies and technologies aligned with its core mission.
