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

Stablecoin issuer Tether noticed its revenue attain a report $2.5 billion within the third quarter of the 12 months, contributing to a nine-month revenue complete of $7.7 billion – an all-time excessive.

As of September 30, 2024, the corporate reported $134.4 billion in consolidated belongings and $14.2 billion in group fairness, as per its Q3 2024 attestation carried out by world impartial accounting agency, BDO.

USDT’s market cap reached 120 billion throughout the interval, indicating a 30% development in 2024 and reflecting rising world demand for Tether’s stablecoin.

Tether’s Q3 2024 Attestation

Tether revealed that its reserves embrace over $105 billion in money and money equivalents, with $102.5 billion allotted to US Treasuries. This US Treasury holding would rank Tether among the many high 18 world holders if it have been categorized as a rustic, putting it above notable economies resembling Germany and Australia, the corporate stated in its newest blog post.

Moreover, Tether expanded its reserve buffer to over $6 billion. The quarter additionally noticed robust returns from gold holdings, contributing roughly $1.1 billion in unrealized earnings.

In the meantime, Tether Investments, which occurs to be the corporate’s enterprise arm, reached $7.7 billion in strategic investments throughout totally different industries resembling renewable vitality, AI, and Bitcoin mining. This arm at the moment possesses an extra holding of seven,100 BTC.

Weighing on Tether’s third attestation of 2024, Tether CEO Paolo Ardoino stated,

“Tether’s efficiency in Q3 2024 showcases our relentless dedication to transparency, liquidity, and accountable threat administration. Reaching the $120 billion USDT milestone and reporting $102.5 billion in U.S. Treasury publicity highlights the corporate’s unparalleled monetary energy. By rising our reserve buffer to over $6 billion and sustaining a concentrate on strategic investments, Tether is as soon as once more setting the usual for stability within the monetary house.”

False Scrutiny Allegations

Right now’s attestation launch follows Ardoino’s presentation at Lugano’s PlanB occasion, the place he detailed Tether’s reserves in response to final week’s Wall Road Journal report alleging a US felony investigation into doable sanctions and anti-money-laundering violations – claims the corporate has denied.

Calling the Wall Road Journal’s allegations “outdated noise,” the CEO added that Tether maintains a cooperative relationship with legislation enforcement to deal with felony exercise. As famous in an August assertion, the stablecoin issuer has helped recover greater than $109 million in belongings tied to crimes like fraud and sanctions evasion since 2014.