Key Takeaways:
- Record Profit Growth: Tether posted $2.5 billion in Q3 profits, totaling $7.7 billion for 2024, with equity at $14.2 billion and assets valued at $134.4 billion.
- Rising Demand and Holdings: USDt circulation rose nearly 30%, driven by strong demand and extensive U.S. Treasury holdings ($102.5 billion), positioning Tether among the top 18 global U.S. debt holders.
- Diverse Asset Investments: Tether gained $1.1 billion in unrealized profits from gold in Q3 and maintains holdings in Bitcoin, renewable energy, AI, and telecom sectors.
Tether, a leading stablecoin company, reported a record-breaking $2.5 billion profit in Q3 2024, pushing its yearly earnings to $7.7 billion.
Its financial success stems from high demand for its USDt stablecoin, substantial U.S. Treasury bond holdings, and increased market activity.
Tether Hits $7.7 billion 2024 Nine-Month Profits, $102.5 billion in U.S. Treasury Holdings, Almost $120 billion USD₮ Circulation, and an Over $6 billion Reserve Buffer in Q3 2024 Attestationhttps://t.co/7gqXsgIv6F
— Tether (@Tether_to) October 31, 2024
USDt circulation has risen nearly 30% this year, with $120 billion in circulation by Q3.
Tether’s assets, now worth $134.4 billion, include $105 billion in cash reserves and $102.5 billion in U.S. Treasury bills, making it one of the world’s top 18 holders of U.S. debt.
Tether also saw $1.1 billion in unrealized gold profits and holds 7,100 Bitcoin. Investments span sectors like renewable energy, AI, and telecom.
As it celebrates ten years in business, Tether has expanded its market share, aided by regulatory shifts following the 2022 FTX collapse.
The company also enhanced collaboration with U.S. authorities, onboarding the FBI to its platform in 2023, reflecting its evolving role in the global financial landscape.
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