Tether Reports Profit Of IDR 84 Trillion In The First Half Of 2024, But Some Are Odd, What Is It?

Tether reported a profit of IDR 84 trillion in the first half of 2024 (Photo; Doc. Digital Market News)

JAKARTA - Tether Holdings Limited, the company behind the world's largest stablecoin, USDT, has just reported a profit of 5.2 billion US Dollars (around Rp. 84 trillion) for the first half of 2024. This figure sets a new record for Tether, which also reports a total reserve of 118.4 billion US Dollars (approximately Rp1.9 quadrillion), with an obligation of 113.1 billion US Dollars (approximately Rp1.8 quadrillion). Although the results of this report appear solid, questions arise regarding the ownership of Bitcoin reported by the company.

In a recent quarterly report audited by global accounting firm BDO, Tether revealed that their direct and indirect ownership of US Treasury bonds increased to 97.6 billion US Dollars (approximately IDR 1.5 quadrillion), up from 90 billion US Dollars (approximately IDR 1.4 quadrillion) in the previous quarter. This figure even surpassed the Treasury holdings of some countries.

Quoted from Decrypt, CEO of Tether, Paolo Ardoino, in an official release stated that this report confirms the company's commitment to transparency, stability, liquidity, and risk management in charge. He also added that Tether has issued 8.3 billion US Dollars (approximately IDR 134 trillion) in USDT tokens during the second quarter of this year and reported excess reserves of 5.3 billion US Dollars (approximately IDR 86 trillion).

However, the report also raised a major question mark regarding the ownership of Bitcoin Tether. In the report, Tether has 75,354 Bitcoins in the second quarter of 2024, the same amount as reported in the first quarter. This contradicts Ardoino's statement on Twitter that says the company now holds 80,000 Bitcoins. This discrepancy sparked speculation about possible errors in reports or the existence of internal miscommunications.

The difference between Ardoino's financial reports and statements caught the attention of observers, especially after it was discovered that the publicly announced Bitcoin Tether wallet address only showed ownership of 75,354 BTC, according to the Q1 report and has not changed since March. Ardoino has not responded in this regard.