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Tether Reports Record Q3 Profit of $2.5B, Bringing Nine-Month Total to $7.7B

Tether Reports Record Q3 Profit of $2.5B, Bringing Nine-Month Total to $7.7B
© Copyright Image: CryptoPotato

Stablecoin issuer Tether saw its profit 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 reported $134.4 billion in consolidated assets and $14.2 billion in group equity, as per its Q3 2024 attestation conducted by global independent accounting firm, BDO.

USDTs market cap reached 120 billion during the period, indicating a 30% growth in 2024 and reflecting increasing global demand for Tethers stablecoin.

Tethers Q3 2024 Attestation

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

Additionally, Tether expanded its reserve buffer to over $6 billion. The quarter also saw strong returns from gold holdings, contributing approximately $1.1 billion in unrealized profits.

Meanwhile, Tether Investments, which happens to be the companys venture arm, reached $7.7 billion in strategic investments across different industries such as renewable energy, AI, and Bitcoin mining. This arm currently possesses an additional holding of 7,100 BTC.

Weighing on Tethers third attestation of 2024, Tether CEO Paolo Ardoino said,

Tethers performance in Q3 2024 showcases our relentless commitment to transparency, liquidity, and responsible risk management. Reaching the $120 billion USDT milestone and reporting $102.5 billion in U.S. Treasury exposure highlights the companys unparalleled financial strength. 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.

False Scrutiny Allegations

Todays attestation release follows Ardoinos presentation at Luganos PlanB event, where he detailed Tethers reserves in response to last weeks Wall Street Journal report alleging a US criminal investigation into possible sanctions and anti-money-laundering violations claims the company has denied.

Calling the Wall Street Journals allegations old noise, the CEO added that Tether maintains a cooperative relationship with law enforcement to tackle criminal activity. As noted in an August statement, the stablecoin issuer has helped recover more than $109 million in assets tied to crimes like fraud and sanctions evasion since 2014.

The post Tether Reports Record Q3 Profit of $2.5B, Bringing Nine-Month Total to $7.7B appeared first on CryptoPotato.

Read more: https://cryptopotato.com/tether-reports-record-q3-profit-of-2-5b-bringing-nine-month-total-to-7-7b/

Text source: CryptoPotato

Disclaimer: Financial information and news are not financial advice, read the disclaimer.
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