Cryptocurrency markets are focused on Powell‘s upcoming statements, and BTC weakness continues. Recently, the largest stablecoin issuer, Tether, announced billion-dollar earnings. The company’s earnings in the first half of 2024 reached $5.2 billion, a net positive development for cryptocurrencies overall.
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Tether Holdings Limited recently shared a report prepared by the globally recognized audit firm BDO. This report, which confirms reserves, states that the company achieved $1.3 billion in net operating income in the second quarter of 2024.
“Building on the momentum of the first quarter of 2024, the second quarter marked a significant milestone for Tether with a net operating profit of $1.3 billion, the best result to date, and a record net profit of $5.2 billion for the first half of the year.”
The company has long held its reserves in U.S. bonds, significantly reducing FUD around USDT. The amount of bonds held by the company reached $97.6 billion, making it the 18th largest bond investor (among countries).
Despite $113 billion in liabilities, the company’s total reserves exceed $118 billion. The company had announced plans to buy BTC with part of its earnings and had taken steps in that direction. Soon, we may see news that a portion of these massive earnings has been used to purchase BTC, which could be supportive for cryptocurrencies overall.
