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HomeCrypto NewsMarketTether Reveals $5.33B Excess Reserves and 80K BTC Holdings in Q2 2024 Report

Tether Reveals $5.33B Excess Reserves and 80K BTC Holdings in Q2 2024 Report

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Paolo Ardoino, CEO of Tether, recently took to X to announce the release of Tether’s Q2 2024 attestation. 

According to Ardoino, the report proves Tether’s robust financial position and commitment to stability and transparency in the stablecoin market. Tether’s Q2 2024 attestation reveals a net operating profit of $1.3 billion for the quarter, leading to a record $5.2 billion profit for the entire H1 2024.

The company also observed a $520 million increase in its equity in Q2 2024, now totaling $11.9 billion. Tether’s excess reserves stood at $5.33 billion, an effort at ensuring stability.

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Tether’s Bitcoin Holdings Reach 80,000

Additionally, Tether’s holdings include approximately 80,000 Bitcoin and over $97.5 billion in U.S. Treasuries. This represents a $7 billion increase from the previous quarter, marking a new all-time high and positioning Tether 18th in global rankings of U.S. debt holders, surpassing nations like Germany and Australia.

According to the report, Tether’s primary goal is to maintain a solid, stable, and resilient stablecoin. The company’s decision to keep $5.33 billion in excess reserves, beyond the 100% backing of all issued tokens, aims to protect its global user base, especially in emerging markets with high inflation rates.

Many users rely on USDT as a trusted digital dollar to safeguard their savings against rapidly devaluing local currencies.

Strategic Investments and Corporate Mission

Elsewhere, Tether’s strategic investments reflect its commitment to innovation and resilience. The company’s investment portfolio, valued at approximately $6.56 billion, focuses on areas aligned with its core mission, including AI, biotech, and infrastructure. 

Notably, Tether has invested in Northern Data Group to enhance access to AI infrastructure and Blackrock Neurotech to develop brain-computer interface technology. These investments aim to support advancements that can significantly impact human evolution and accessibility.

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Stablecoin Issuance: A Continuing Trend?

The Q2 2024 report also comes on the heels of Tether Treasury minting 1 billion USDT on the Tron Network, continuing its trend of large-scale stablecoin issuance.

Historical data suggests a correlation between USDT minting and Bitcoin price movements, with significant minting events often preceding bullish trends in Bitcoin’s market performance. 

A report by CryptoQuant noted that the circulating supply of USDT has increased by 30 billion since late 2022, traditionally boosting market liquidity and investor confidence.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Brenda Mary
Brenda Mary
Brenda commits to producing excellent, well-optimized content to ensure consumer satisfaction. She has developed expertise in technical analysis and price forecasting of breaking blockchain news. Additionally, she enjoys engaging in stock markets and investing in cryptocurrencies.

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