Tether has posted a record-breaking $2.5 billion in profits for the third quarter of 2024, boosting its consolidated earnings this year to $7.7 billion.
According to a report released on Thursday, the stablecoin issuer’s total assets reached $134.4 billion in Q3.
Tether is Dominating the Stablecoin Market by a Large Margin
The circulating value of Tether’s USDT token has grown close to $120 billion, reflecting increased demand amid a bullish crypto market. Tether currently holds more than $6 billion in excess reserves.
The company’s reserves in cash and cash equivalents have risen to over $105 billion, with $102.5 billion held in US Treasury bills—a 5% increase from last quarter.
Read More: What Is a Stablecoin? A Beginner’s Guide
During Q3, the stablecoin issuer expanded its direct and indirect holdings in US Treasuries, earning interest income from these reserves. The firm reported an additional $1.3 billion in unrealized profits from Treasuries and $1.1 billion from its gold assets in the same period.
Beyond stablecoin reserves, the company has invested $7.7 billion in initiatives like renewable energy, Bitcoin mining, AI development, telecommunications, and educational ventures.
“Current outlook for Q4/2024 is very positive. Our team at Tether Insights recently released a research thread demonstrating a total of 330 million on-chain wallets and accounts ever receiving $USDt, not even counting the several tens of millions of users that hold and transact in $USDt
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Author: Mohammad Shahid
