Key Insights:
- Tether reports $2.5 billion net profit in Q3 2024, bringing total 2024 profits to $7.7 billion.
- USDT circulation reaches an all-time high of $120 billion, marking a 30% growth in 2024.
- Tether’s reserves include $102.5 billion in U.S. Treasuries, boosting financial stability and liquidity.
Tether has published its attestation report for Q3, confirming strong financial results and an increase in net profits. The stablecoin issuer reported $2.5 billion in group net profit for the quarter, contributing to a cumulative nine-month profit of $7.7 billion for 2024. This follows consistent growth seen in the previous quarters of the year.
The report also detailed that Tether’s total assets now stand at $134.4 billion, with group equity reaching $14.2 billion. This announcement comes amid reports of the U.S. Department of Justice investigating the company. Despite this, Tether’s recent financial performance underscores its continued expansion in the stablecoin market.
USDT Circulation and Reserves Reach All-Time Highs
Tether’s circulating supply of USDT reached a new high of nearly $120 billion by the end of Q3. The company noted that this reflects a 30% increase in USDT issuance for the year to date, amounting to an additional $27.8 billion in 2024. This growth solidifies its position as a leading stablecoin issuer amid rising demand.
The attestation report also revealed that Tether’s reserves are stronger than ever, with over $105 billion held in cash and cash equivalents. Out of this, $102.5 billion is tied to U.S. Treasuries. The report stated that $1.3 billion of Tether’s profit in Q3 came from its exposure to these U.S. government securities, alongside $1.1 billion earned from investments in gold.
Tether’s Investment Portfolio and Strategy
Beyond stablecoin issuance, Tether’s investment arm manages $7.7 billion in various sectors. The company’s investments extend to industries such as renewable energy, Bitcoin mining, artificial intelligence, telecommunications, and education. This broad approach supports its objective to diversify revenue streams and reinforce financial stability.
The investment division also reported ownership of 7,100 Bitcoin, further reflecting the company’s interest in digital assets. Tether’s diversified portfolio aims to bolster its financial resilience while adhering to its strategy of responsible asset management.
Paolo Ardoino Comments on Q3 Performance
Tether CEO Paolo Ardoino discussed the company’s Q3 outcomes, emphasizing their dedication to transparency and risk management. He highlighted the milestone of reaching $120 billion in USDT circulation as proof of Tether’s robust market position. He also pointed out that the $102.5 billion exposure to U.S. Treasuries reinforces the company’s liquidity.
Ardoino previously mentioned that Tether’s strong financial position is why it does not plan to go public. He stated that companies typically seek public listings to raise capital, which Tether does not currently require due to its profitable operations.
Rapid Growth in USDT Wallets
An X post from Ardoino revealed additional data about Tether’s growth. Over 330 million on-chain wallets and accounts have received USDT, not including the users transacting on centralized exchanges. The increase in on-chain wallet activity indicates expanding adoption of Tether’s stablecoin. The company noted that quarterly growth in new USDT wallets has been accelerating, with over 35 million new addresses created per quarter.
These developments underscore Tether’s ongoing expansion in both on-chain usage and user base. The data points to the company’s ability to attract new users and maintain its status as a major player in the stablecoin market.
Tether’s latest attestation report and performance metrics reveal a firm that continues to scale its operations and maintain substantial profit levels despite scrutiny from regulators. The release of the Q3 report is a demonstration of Tether’s commitment to transparency and its sustained growth trajectory in the digital asset industry.
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