KEY TAKEAWAYS
- Tether reports a record-breaking net profit of $2.5 billion for Q3 2024, contributing to a nine-month profit of $7.7 billion.
- Stablecoin circulation reaches an all-time high of nearly $120 billion USD₮, reflecting a 30% growth in 2024.
- Tether’s reserves include over $105 billion in cash and equivalents, with $102.5 billion in U.S. Treasuries, ranking it among the top global holders.
- Strategic investments in diverse sectors, including Bitcoin mining and AI, highlight Tether’s financial stability and growth strategy.
Tether Holdings Limited (BVI) has released its assurance opinion for the third quarter of 2024, conducted by BDO, a leading global independent accounting firm. The attestation reaffirms the accuracy of Tether’s Consolidated Financial Figures and Reserves Report (CFFRR) and provides a detailed overview of the financial strength of the Group as of September 30, 2024.
Building on a strong year, Tether reported a record-breaking Group net profit of $2.5 billion for Q3 2024. This contributes to a nine-month consolidated profit of $7.7 billion for 2024, with group equity reaching $14.2 billion and total assets on a consolidated basis of $134.4 billion, all marking all-time highs.
Record Stablecoin Circulation and Reserve Holdings
Tether’s stablecoin issuing companies have reached a new all-time high of nearly $120 billion USD₮ in circulation, reflecting a 30% growth in USD₮ tokens issued in 2024 year-to-date. This growth highlights the increasing global demand for Tether’s flagship stablecoin.
In terms of reserves, Tether’s stablecoin issuing companies now hold over $105 billion in cash and cash equivalents. Notably, $102.5 billion of this is in direct and indirect exposures to U.S. Treasuries, which positions Tether among the top 18 holders globally if classified as a country, surpassing nations like Germany and Australia.
Strategic Investments and Financial Stability
Tether has increased its excess reserve buffer to over $6 billion, reflecting a non-annualized nine-month growth rate of 15%. The Q3 net profit of $2.4 billion was supported by strong performance in its gold holdings, generating approximately $1.1 billion in unrealized profits this quarter.
In line with its long-term vision, Tether’s proprietary investments, not included in the reserves backing the stablecoins, have reached $7.7 billion. These investments span industries such as renewable energy, Bitcoin mining, artificial intelligence, telecommunications, and education. Additionally, Tether Investments arm owns an extra 7,100 Bitcoin.
Paolo Ardoino, CEO of Tether, stated, “Tether’s 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 company’s unparalleled financial strength.”
For further details, please refer to the latest assurance opinion and the Consolidated Reserves Report here.
Disclaimer: The views expressed in this article are those of the authors and do not necessarily reflect the official policy of CoinsHolder. Content, including that generated with the help of AI, is for informational purposes only and is not intended as legal, financial, or professional advice. Readers should do their research before taking any actions related to the company and carry full responsibility for their decisions.
