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Tether Holdings Limited, the company behind the world's largest stablecoin USDT, has reported a profit of $5.2 billion for the first half of 2024, according to its latest quarterly attestation report.

That’s record profit for Tether, according to the company, which claims to hold reserves for its tokens totaling $118.4 billion, with liabilities at $113.1 billion. And despite what appears to be a discrepancy in its reported Bitcoin holdings, the results of its attestation—provided by global accounting firm BDO—may come as a surprise to the company’s doubters, who have long pointed to questions regarding the stablecoin issuer’s reserves and trouble with regulators.

“With the second quarter attestation of 2024, Tether has once again demonstrated its unwavering commitment to transparency, stability, liquidity, and responsible risk management,” Tether CEO Paolo Ardoino said in a release.

Tether today reported that its direct and indirect holdings of U.S. Treasury bills have increased to $97.6 billion, up from $90 billion last quarter . That figure surpasses the Treasury holdings of several countries, Tether noted in its statement. During the second quarter of 2024, Tether issued $8.3 billion in USDT tokens and reported $5.3 billion in excess reserves.

The company's consolidated net equity stands at $11.9 billion as of June 30, 2024, including unrealized losses from Bitcoin price declines and gains from gold investments.

However, the report has raised questions about Tether's Bitcoin holdings.

The attestation shows Tether holding 75,354 Bitcoin in Q2 2024, the same amount reported in Q1, as noted on Twitter by eagle-eyed Matt Ahlborg, owner of PayPerQ. This breaks a pattern of consistent Bitcoin purchases by Tether in previous quarters. What’s more, it appears to contradict with a statement from Ardoino on Twitter, who said the company now holds 80,000 Bitcoin (BTC).

This discrepancy between the attestation and Ardoino's statement has led to speculation about potential errors in the report or a miscommunication. Tether’s publicly disclosed Bitcoin wallet address shows holdings of 75,354 BTC, consistent with its Q1 attestation and unchanged since March. Ardoino did not immediately respond to Decrypt ’s request for comment.

Nevertheless, the company’s financial performance contrasts with the company’s tumultuous history and widespread skepticism about its stability. For years, Tether has been at the center of controversy in the crypto world.

In 2021, the company and its sister firm Bitfinex settled with the New York Attorney General's office for $18.5 million over allegations of false statements regarding USDT's backing. This settlement, coupled with ongoing debates about the full auditability of Tether's reserves, kept the company under intense scrutiny.

The skepticism surrounding Tether reached a fever pitch in 2022 following the high-profile collapses of cryptocurrency exchange FTX and stablecoin project Terra. Many industry observers and critics predicted that Tether would be the next domino to fall in what seemed to be a cascade of crypto failures.

Based on its recent financial reports, however, Tether has not only survived but appears to be thriving.