- Tether hits record net profit of $2.5B in Q3 2024, raising total assets to $134.4B and equity to $14.2B, all-time highs.
- USDT stablecoin demand surges to $120B circulation, reflecting 30% YTD growth and solidifying Tether’s market dominance.
- With $102.5B in U.S. Treasuries, Tether ranks among the top 18 holders globally, underscoring user security focus.
As per the Q3-2024 financial statement of Tether Holdings Limited (BVI), the revenue report featured a net profit rate of $2.5 billion. The success has been independently audited by a global accounting firm BDO thus symbolising the stable financial position of USDT in a rapidly evolving market of digital finance.
The attestation report again confirms Tether’s financial report accuracy and outlines the assets behind Tether’s stablecoins as of September 30, 2024, aggregated by BDO. The net income of Tether in the third quarter has raised nine-month profit forecast to $7.7bn in 2024, raising group equity to an unprecedented $14.2 billion and assets, to $134.4 billion.
Tether’s Growing Market Dominance
Market demand for USDT stablecoin has remained high and the token circulation has exceeded $120 billion or more for the first time. This is a 30% increase in USDT tokens issued in 2024 that is equivalent to $27.8 billion, which is the market cap of the closest competitor.
The reserves have also increased; there is now 105 billion USDT in cash and equivalents for every token in circulation. Of these assets, $102.5bn is in US Treasuries, putting USDT in the top 18 holders of such obligations globally, ahead of Germany and Australia. This is a massive reserve allocation that shows platfrom’s focus on the liquidity and security of its users, both of which are crucial to building stability in a very uncertain crypto market.
Apart from its Treasury reserves, platfrom has wisely increased its excess reserves to more than $6 billion as of the beginning of the year, a 15 percent increase. Platfrom’s gold reserves also contributed to the third quarter’s results, creating about $1.1 billion in unrealised gains, which added to the firm’s revenues.
Platfrom Expanding Ventures
The company’s growth is not only in reserve assets but also its investment arm, Tether Holdings, has grown proprietary business to $7.7 bln across the different industries. This includes renewable energy, artificial intelligence, Bitcoin mining, telecommunication and education all of which are in line with platfrom goal of supporting innovative development globally.
Discussing the results, CEO Paolo Ardoino focused on company reaching $120 billion in USDT and a massive exposure to the US Treasury. He 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.”
This third quarter record further solidifies Tether’s position within digital finance as the standard-bearer for a transparent and fiscally sound issue of stablecoin. The outcomes signify a new page in USDT work to build a stable and efficient financial ecosystem for users around the world.
