Tether reports record third-quarter profit of $2.5B, bringing nine-month total to $7.7B

Stablecoin issuer Tether saw its profits reach a record $2.5 billion in the third quarter of the year, contributing to a nine-month profit total of $7.7 billion, an all-time high.

As of September 30, 2024, the company recorded $134.4 billion in consolidated assets and $14.2 billion in group equity, according to its third quarter 2024 certification by global independent accounting firm, BDO.

USDT’s market capitalization reached 120 billion during the period, indicating 30% growth by 2024 and reflecting growing global demand for Tether’s stablecoin.

Tether Q3 2024 Testimony

Tether disclosed that its reserves include more than $105 billion in cash and cash equivalents, with $102.5 billion allocated to US Treasuries. That US Treasury holding would put Tether among the top 18 global holders if classified as a country, placing it above notable economies such as Germany and Australia, the company said in its latest blog post.

In addition, Tether expanded its reserve pool to over $6 billion. The quarter also saw a strong performance from gold holdings, which contributed approximately $1.1 billion in unrealized gains.

Meanwhile, Tether Investments, which happens to be the venture arm of the company, reached $7.7 billion in strategic investments in different industries, including renewable energy, artificial intelligence and Bitcoin mining. This arm currently has an additional stake of 7,100 BTC.

Weighing in on Tether’s third certification of 2024, Tether CEO Paolo Ardoino said:

“Tether’s Q3 2024 performance shows our relentless commitment to transparency, liquidity and responsible risk management. Hitting the $120 billion USDT milestone and reporting $102.5 billion of Treasury exposure US highlights the company’s unparalleled financial strength. By increasing our reserve pool to over $6 billion and maintaining a focus on strategic investments, Tether is once again setting the standard for stability in the financial space.” .

False allegations of scrutiny

Today’s certification statement follows Ardoino’s presentation at the PlanB event in Lugano, where he detailed Tether’s reserves in response to last week’s Wall Street Journal report alleging a criminal investigation of possible sanctions and anti-money laundering violations, claims the company has denied.

Calling the Wall Street Journal’s allegations “old noise,” the CEO added that Tether maintains a cooperative relationship with law enforcement to deal with criminal activity. As noted in an August statement, the stablecoin issuer has helped recover more than $109 million in assets linked to crimes such as fraud and sanction evasion since 2014.

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