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BTC$97566
ETH$3135
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XRP$1.13
The stablecoin issuer Tether achieved a record profit of $2.5 billion in the third quarter of this year, bringing its total profit for the nine months to a historic $7.7 billion.
According to an audit by the global independent accounting firm BDO for Q3 2024, as of September 30, 2024, the company reported consolidated assets of $134.4 billion and group equity of $14.2 billion.
During this period, USDT’s market capitalization reached $120 billion, and it’s projected to grow by 30% by the end of 2024, reflecting the increasing global demand for Tether’s stablecoin.
Tether’s Q3 2024 Certification
Tether revealed its reserves include over $105 billion in cash and cash equivalents, with $102.5 billion allocated to U.S. Treasury bills. The company mentioned in its latest blog post that if Tether were a country, its holdings of U.S. Treasury bills would rank it among the top 18 holders worldwide, surpassing well-known economies like Germany and Australia.
Additionally, Tether expanded its reserve buffer to over $6 billion this quarter. Gold holdings also yielded strong returns, contributing approximately $1.1 billion in unrealized profits.
Meanwhile, Tether’s venture capital arm, Tether Investments, made strategic investments totaling $7.7 billion in various sectors, including renewable energy, artificial intelligence, and Bitcoin mining. This division currently holds an additional 7,100 BTC.
Regarding Tether’s third certification of 2024, Tether CEO Paolo Ardoino said:
“Tether’s performance in Q3 2024 reflects our unwavering commitment to transparency, liquidity, and responsible risk management. Reaching the $120 billion milestone for USDT and reporting $102.5 billion in U.S. Treasury exposure highlights the company’s unparalleled financial strength. By increasing our reserve buffer to over $6 billion and maintaining our focus on strategic investments, Tether continues to set the standard for stability in the financial sector.”
Sentiment: Neutral
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