Tether’s First Half Profits Reach $5B

Tether, the issuer of a popular stablecoin, yesterday announced record net profits of $5.2 billion in the first half of the year, driven by the surge in the market cap of their flagship cryptocurrency, USDT.

The company also reported $1.3 billion of net operating profits for the second quarter, with a portion of it being reinvested in strategic projects.

According to their most recent quarterly attestation, conducted by BDO Italy, Tether International Limited and Tether Limited had $118.4 billion in reserve assets and $113.1 billion in liabilities as of June 30. This resulted in $5.3 billion of excess reserves backing their stablecoins.

Tether also revealed that their U.S. debt holdings were worth $97.6 billion, enough to rank as the 18th highest in the world, surpassing countries like Germany, the United Arab Emirates, and Australia.