Tether hits $7.7 billion in profit YTD as reserves reach record high
Tether Limited reported $2.5 billion in net profit for the third quarter, bringing its year-to-date profits to a record-breaking $7.7 billion.
The firms strong third-quarter numbers were primarily boosted by its gold holdings, which amount to roughly $5 billion, recording $1.1 billion in unrealized profit.
According to Tethers latest assurance opinion, conducted by accounting firm BDO, the firm has raised its excess reserve buffer to over $6 billion, reflecting a 15% growth rate in the past nine months.
As a result, the firms total equity is at an all-time high of $14.2 billion, consolidating its assets at $134.4 billion. Tether CEO Paolo Ardoino stated:
By increasing our reserve buffer to over $6 billion and maintaining a focus on strategic investments, Tether is once again setting the standard for stability in the financial space.
US treasuries and Bitcoin
Moreover, Tethers issuing companies now hold over $105 billion in cash and cash equivalents, including a record $102.5 billion in US Treasuries.
This amount places the crypto firm among the top 18 global holders of US Treasuries above Germany, Australia, and the UAE and is nearly $5 billion larger than Tethers last attestation report.
Additionally, the company added 7,100 Bitcoin (BTC) to its stash, currently valued at nearly $4.8 billion.
The firms stablecoin, Tether USD (USDT), surged to a circulation of nearly $120 billion, marking a 30% increase year-to-date. This is a new all-time high in USDT supply and translates to an additional $27.8 billion in issuance.
Ardoino added:
Reaching the $120 billion USD milestone and reporting $102.5 billion in U.S. Treasury exposure highlights the companys unparalleled financial strength.
Beyond its reserves, Tethers investment arm has expanded its proprietary portfolio to $7.7 billion, channeling funds into renewable energy, Bitcoin mining, artificial intelligence, telecommunications, and education sectors.
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