Tether, a stablecoin issuer, observed a record-breaking $2.5 billion profit during the third quarter of the year, contributing to a nine-month profit total of $7.7 billion, an all-time high.
The company reported $134.4 billion in consolidated assets and $14.2 billion in group equity as of September 30, 2024, according to the Q3 2024 attestation administered by the global independent accounting firm BDO.
During the period, USDT’s market valuation reached 120 billion, representing a 30% increase in 2024 and reflecting the growing global demand for Tether’s stablecoin.
Tether Reveals Q3 Performance
Tether (USDT) disclosed that its reserves comprise more than $105 billion in cash and cash equivalents, with $102.5 billion designated for US Treasury securities. Furthermore, Tether (USDT) increased its reserve buffer to over $6 billion. Additionally, gold holdings generated substantial returns during the quarter, resulting in an estimated $1.1 billion in unrealized profits.
In the interim, Tether Investments, the company’s venture branch, has invested strategically in various industries, including Bitcoin mining, artificial intelligence, and renewable energy, totaling $7.7 billion. Currently, this arm has a supplementary holding of 7,100 BTC.
Regarding Tether’s third attestation of 2024, Tether CEO Paolo Ardoino stated,
“Tether’s 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 company’s 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.”
Wall Street’s Allegation
Following Ardoino’s presentation at Lugano’s PlanB event, which detailed Tether’s reserves in response to a Wall Street Journal report last week alleging a US criminal investigation into potential sanctions and anti-money-laundering violations, today’s attestation release was issued. The company has denied the allegation.
The CEO referred to the Wall Street Journal’s allegations as “old noise” and stated that Tether collaborates with law enforcement to address criminal activity. Since 2014, the stablecoin issuer has assisted in the recovery of over $109 million in assets associated with offenses such as fraud and sanctions evasion, as indicated in an August statement.
