Reserve

Cryptocurrency

2024

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/tether-reports-significant-earnings-and-reserve-growth/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Tether Reports Significant Earnings and Reserve Growth</a> 
Cryptocurrency <a href="https://finance.coin-turk.com/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">markets</a> are focused on Powell‘s upcoming statements, and <a href="https://en.coin-turk.com/spain-regulates-blockchain-and-cryptocurrencies/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a> 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.
<h2 style="text-align: justify" id="cryptocurrency-latest-news">Cryptocurrency Latest News</h2>
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.
<blockquote>
 “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.”
</blockquote>
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).
<img decoding="async" class="size-full wp-image-375810 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/07/tether-rezerv.png" alt="" width="761" height="783">
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 <a href="https://newslinker.co" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">news</a> that a portion of these massive earnings has been used to purchase BTC, which could be supportive for cryptocurrencies overall.
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The post <a href="https://en.coin-turk.com/tether-reports-significant-earnings-and-reserve-growth/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Tether Reports Significant Earnings and Reserve Growth</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.

Tether Reports Significant Earnings and Reserve Growth

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