In the third quarter, the largest issuer of stablecoins, Tether, stated an all-time high in invested assets, group equity, and total profit.
According to a report, Tether posted a $2.5 b net profit in Q3 ended 30 September 2024, taking its nine-month 2024 consolidated profit to $7.7 billion, a record for Tether.
The report presented Tether’s expansion in terms of several essential financial performance indicators. On a consolidated basis, there was a record $134.4 billion of total assets, and group equity stood at a historically high $14.2 billion. Tether’s balance sheet had about $124 billion of reserve assets, around $119 billion related to token issuance.
USDT, the company’s leading stablecoin, remains in high demand in 2024, with circulation significantly up by nearly 30%. This year alone, Tether released 27.8 billion more tokens, which makes the total supply within the circulating market nearly $120 billion.
Tether Expands Its Reserve Holdings and Strategic Investments in Q3 2024
Tether has strong reserve backing; the company’s stablecoin issuing entities still hold $105 billion in cash and equivalents. While $102.5 billion ends up in US Treasury Bills, this is a significant situation positioning Tether highly among the 18 biggest holders of US debt, higher than Germany, Australia, or the UAE, which hold the US Treasury Bills.
More than simply holding $2.8 billion in cash, Tether’s Q3 attestation also boasts a more than $6 billion reserve buffer, up 15% in the past nine months. A record-high quarterly net profit close to $2.4bn was also boosted by about $1.1bn in unrealized gains on its gold holdings.
However, the company invests in other ventures as well as stablecoins. Tether’s Q3 report elaborated on the distribution of assets, revealing another 7,100 Bitcoin worth approximately $496 million. Tether’s strategy is not limited to technology-based sectors; it has also invested in renewable energies, Bitcoin mining, artificial intelligence, telecommunication, and education.
“As evident in our Q3 2024 financial statement, Tether continues to steadfastly serve as the most reliable and liquid digital asset ecosystem at the intersection of trust, transparency, and prudential risk management,” the CEO claimed.
As Tether actively penetrates new markets and develops various financial assets, new data on the company’s current state once again demonstrate the stable popularity of the USDT stablecoin.
