$2.5B Q3 Profit Boosts Tethers Nine-Month Earnings to $7.7B
Key Takeaways:
- Tether reported a record-breaking net profit of $2.5 billion for Q3 2024.
- USD in circulation reached an all-time high of nearly $120 billion.
- Tethers strategic investments include $7.7 billion across diverse sectors.
Tether Holdings Limited, the leading stablecoin issuer, released its Q3 2024 assurance opinion conducted by BDO. The report confirmed Tethers financial robustness, showcasing all-time high (ATH) figures in net profit, group equity, and total assets.
It posted a net profit of $2.5 billion for the quarter, taking the consolidated profit for nine months to US$7.7 billion and further lifting the Group Equity to US$14.2 billion. These figures underpin the companys stablecoin market dominance, signalling strategic reinvestments with an emphasis on financial transparency.
Tether USDT Circulation Hits Record Levels
Notably, in Q3, the USDT outstanding neared $120 billion, up 30% this year, equal to 27.8 billion dollars. Such an astonishing increase underlines the ever-growing demand for the companys stablecoin all over the world and leaves competitors far behind.
Its reserve holdings also reached new highs, with cash and cash equivalents of $105 billion, including $102.5 billion in U.S. Treasuries. This puts the company in the top 18 global holders of U.S. Treasuries for the first time, ahead of countries like Germany and Australia.
Tethers Reserve Buffer Surpasses $6 Billion
Beyond its stablecoin products, strategic investments led by proprietary Tether Investments now stand at $7.7 billion. Strategic investments in renewable energy, AI, Bitcoin mining, telecommunications, and education make a very wide range of segments that further guide the company through a vision of innovation.
The report also pointed at a strong reserve buffer of over $6 billion, underlining a 15% non-annualized growth in nine months. The companys gold holdings accounted for $1.1 billion of unrealized gains and were one of the leading contributors to the companys Q3 performance.
Paolo Ardoino, Tethers CEO, said:
Tethers performance in Q3 2024 showcases our relentless commitment to transparency, liquidity, and responsible risk management. Reaching the $120 billion USD milestone and reporting $102.5 billion in U.S. Treasury exposure highlights the companys unparalleled financial strength.
However, the latest financial attestation from the company underscores a continuing commitment to stability and growth, reinforcing its position as a leader in the presently tumultuous digital asset market.
Related Reading | Crypto Boom or Bust? Robinhoods Mixed Q3 Results Explained
Read more: https://www.tronweekly.com/2-5b-q3-profit-boosts-tether-nine-month-earning/
Text source: TronWeekly
