Tether Holdings released its Q2 2024 attestation report showing that the company generated about $5.2 billion in net profit over the first half of 2024, with $1.3 billion of that coming in the second quarter alone. The report indicates that Tether’s consolidated group equity rose by roughly $520 million in Q2 to about $11.9–12 billion as of June 30, 2024, reflecting retained earnings from the continued profitability of its reserves portfolio. Attestations are independent reviews by accounting firms that verify the composition and value of Tether’s reserves at a point in time, a key focus area given ongoing scrutiny of stablecoin backing. A central feature of the filing is Tether’s record exposure to U.S. Treasury bills, with more than $97.5–97.6 billion in direct and indirect U.S. Treasury holdings as of the end of Q2, an increase of about $7 billion from the prior quarter. This scale of Treasury exposure would place Tether around 18th globally if compared to sovereign holders of U.S. debt, ahead of countries such as Germany, the UAE and Australia. The report also notes excess reserves of roughly $5.3 billion above the value of outstanding stablecoins and total reserves of around $118.4 billion backing about $113 billion USDT in circulation, implying the tokens are fully backed and over‑collateralized. These figures underscore how rising interest income on T‑bills and other assets has turned Tether into a major non‑bank holder of U.S. public debt and a systemically relevant player in crypto markets, while also reinforcing debates over transparency, risk management, and the broader influence of large stablecoin issuers on traditional financial markets.

AI-generated background, compiled from web sources — not editorial content.

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