Stablecoin issuer Tether saw its profit reach a record $2.5 billion in the third quarter of the year, contributing to a nine-month profit total of $7.7 billion – an all-time high.
As of September 30, 2024, the company reported $134.4 billion in consolidated assets and $14.2 billion in group equity, as per its Q3 2024 attestation conducted by global independent accounting firm, BDO.
USDT’s market cap reached 120 billion during the period, indicating a 30% growth in 2024 and reflecting increasing global demand for Tether’s stablecoin.
Tether revealed that its reserves include over $105 billion in cash and cash equivalents, with $102.5 billion allocated to US Treasuries. This US Treasury holding would rank Tether among the top 18 global holders if it were classified as a country, placing it above notable economies such as Germany and Australia, the company said in its latest blog post.
Additionally, Tether expanded its reserve buffer to over $6 billion. The quarter also saw strong returns from gold holdings, contributing approximately $1.1 billion in unrealized profits.
Meanwhile, Tether Investments, which happens to be the company’s venture arm, reached $7.7 billion in strategic investments across different industries such as renewable energy, AI, and Bitcoin mining. This arm currently possesses an additional holding of 7,100 BTC.
Weighing on Tether’s third attestation of 2024, Tether CEO Paolo Ardoino said,
Today’s attestation release follows Ardoino’s presentation at Lugano’s PlanB event, where he detailed Tether’s reserves in response to last week’s Wall Street Journal report alleging a US criminal investigation into possible sanctions and anti-money-laundering violations – claims the company has denied.
Calling the Wall Street Journal’s allegations “old noise,” the CEO added that Tether maintains a cooperative relationship with law enforcement to tackle criminal activity. As noted in an August statement, the stablecoin issuer has helped recover more than $109 million in assets tied to crimes like fraud and sanctions evasion since 2014.
The post Tether Reports Record Q3 Profit of $2.5B, Bringing Nine-Month Total to $7.7B appeared first on CryptoPotato.
As of September 30, 2024, the company reported $134.4 billion in consolidated assets and $14.2 billion in group equity, as per its Q3 2024 attestation conducted by global independent accounting firm, BDO.
USDT’s market cap reached 120 billion during the period, indicating a 30% growth in 2024 and reflecting increasing global demand for Tether’s stablecoin.
Tether’s Q3 2024 Attestation
Tether revealed that its reserves include over $105 billion in cash and cash equivalents, with $102.5 billion allocated to US Treasuries. This US Treasury holding would rank Tether among the top 18 global holders if it were classified as a country, placing it above notable economies such as Germany and Australia, the company said in its latest blog post.
Additionally, Tether expanded its reserve buffer to over $6 billion. The quarter also saw strong returns from gold holdings, contributing approximately $1.1 billion in unrealized profits.
Meanwhile, Tether Investments, which happens to be the company’s venture arm, reached $7.7 billion in strategic investments across different industries such as renewable energy, AI, and Bitcoin mining. This arm currently possesses an additional holding of 7,100 BTC.
Weighing on Tether’s third attestation of 2024, Tether CEO Paolo Ardoino said,
False Scrutiny Allegations
Today’s attestation release follows Ardoino’s presentation at Lugano’s PlanB event, where he detailed Tether’s reserves in response to last week’s Wall Street Journal report alleging a US criminal investigation into possible sanctions and anti-money-laundering violations – claims the company has denied.
Calling the Wall Street Journal’s allegations “old noise,” the CEO added that Tether maintains a cooperative relationship with law enforcement to tackle criminal activity. As noted in an August statement, the stablecoin issuer has helped recover more than $109 million in assets tied to crimes like fraud and sanctions evasion since 2014.
The post Tether Reports Record Q3 Profit of $2.5B, Bringing Nine-Month Total to $7.7B appeared first on CryptoPotato.
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