Tether shared its third-quarter 2024 financial report today, verified by BDO. The audit confirms Tether’s solid reserve backing and financial strength, showing record highs across multiple metrics as of Sept. 30, 2024.
In Q3, Tether recorded a Group net profit of $2.5 billion, pushing its nine-month profit to $7.7 billion. Group equity also surged, reaching $14.2 billion, with consolidated assets hitting $134.4 billion, setting new all-time highs.
The rise cements Tether’s top position in the stablecoin sector, with the firm reinvesting in projects that align with its growth strategy. USDT saw significant demand, reaching a record $120 billion in circulation. This represents a 30% increase year-to-date, positioning Tether far ahead of its competition in market share.
Tether’s reserves now hold over $105 billion in cash and equivalents, with $102.5 billion in U.S. Treasury exposures. If viewed as a national reserve, Tether’s holdings would rank above countries like Germany, Australia, and the UAE, underscoring its commitment to liquidity and security.
Tether expands reserve buffer to over $6B
The company raised its reserve buffer by more than $6 billion, thereby growing by 15% in nine months. The average profit generated over the last quarter was mainly due to the very handy investment in gold, which brought $1.1 billion in unrealized gains.
The company has enhanced its business portfolio in areas like renewable energy, Bitcoin mining, and AI through Tether Investments in the amount of $7.7 billion. Tether Investments has, moreover, a strategic reserve of 7,100 Bitcoin.
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 USD₮ milestone and reporting $102.5 billion in U.S. Treasury exposure highlights the company’s unparalleled financial strength.
