Tether’s Q3 Reserves Climb to $134.4B, Market Lead Grows
The post Tether’s Q3 Reserves Climb to $134.4B, Market Lead Grows appeared on BitcoinEthereumNews.com.
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 only through centralised exchanges,” Tether’s CEO Paolo Ardoino wrote in an X (formerly Twitter) post. Earlier this month, reports from The Wall Street Journal indicated that the US Attorney’s Office in Manhattan is investigating Tether for potential misuse of its platform by third parties involved in illegal activities. The company’s CEO has denied any claims of a federal probe, asserting no indication of such an investigation. Read More: A Guide to…
Filed under: News - @ November 1, 2024 12:22 am