Tether Reports Record $2.5B Net Profit for Q3 2024

Leading stablecoin issuer Tether has reported a quarterly group net profit of $2.5 billion as key financial metrics reach new all-time highs.

Tether’s impressive quarterly financial strides continued on Thursday after the stablecoin issuer reported another massive profit. In the October 31 attestation report, Tether recorded a net profit of $2.5 billion in the year’s third quarter.

After disclosing a record-breaking $5.2 billion profit in the first half of the year, the latest $2.5 billion quarterly earnings take the firm’s nine-month consolidated profit to an unprecedented $7.7 billion. Furthermore, the USDT issuer recorded a group equity of $14.2 billion and total assets of $134.4 billion, its highest ever.

Meanwhile, over 50% of the $2.5 billion profit emanated from Tether’s exposure to US debts. The stablecoin issuer reported realizing $1.3 billion from US Treasury holdings and $1.1 billion from its gold stash. Gold surged to new all-time highs, growing over 15% in the last quarter.

Tether Expands US Treasury Holdings

The largest stablecoin by market cap also reported an uptick in its exposure to US debts in Q3. Tether disclosed that it holds $105 billion in its Treasury reserves, with a record $102.5 billion invested in the US Treasury.

The figures show Tether bought $4.9 billion in US debt notes in the third quarter, as the firm only held $97.6 billion in the second quarter. With the buy-ins, Tether ranks as the 18th largest entity with direct and indirect exposure to US debts.

Meanwhile, Tether’s USDT circulating supply also trends at a new all-time high of $120 billion. Audited by Italian accounting firm BDO, the attestation report revealed a 30% growth in USDT minting and issuance. The uptick means that Tether’s USDT controls over 67% of the stablecoin sector’s market cap.

Tether’s Bitcoin Holding

Furthermore, Tether maintains its Bitcoin stash, holding $4.8 billion worth of the crypto. The report also shows that Tether’s investment arm owns an additional 7,100 BTC, worth almost $500 million. Notably, the stablecoin issuer further bolsters its excess reserve buffer with gold worth $5 billion.

Tether’s financial record solidifies its position as a key player in the crypto industry and the blossoming stablecoin sector. The firm recently denied allegations that the US Department of Justice was investigating its operation, with its CEO Paolo Ardoino referring to the rumors as old noise.