The post Tether (USDT) Reports $7.7 Billion Profits and Record U.S. Treasury Holdings in Q3 2024 appeared on BitcoinEthereumNews.com.

Rongchai Wang Nov 01, 2024 07:37 Tether’s Q3 2024 report reveals $7.7 billion nine-month profits, $102.5 billion U.S. Treasury holdings, and a $6 billion reserve buffer, highlighting its financial strength. Tether Holdings Limited has released its Q3 2024 attestation, conducted by global accounting firm BDO, confirming the accuracy of its Consolidated Financial Figures and Reserves Report. The attestation highlights Tether’s strong financial performance, including a nine-month profit of $7.7 billion and group equity reaching $14.2 billion, according to Tether. Record-Breaking Financial Milestones In Q3 2024, Tether achieved a net profit of $2.5 billion, contributing to its record nine-month profit of $7.7 billion. This financial growth is accompanied by total assets valued at $134.4 billion, marking an all-time high for the company. These results reinforce Tether’s leadership position in the cryptocurrency market, with strategic reinvestments in projects that align with its mission. Significant Growth in Stablecoin Circulation Tether’s flagship stablecoin, USD₮, reached an all-time high in circulation, with nearly $120 billion USD₮ tokens issued. This represents a 30% increase year-to-date, highlighting the growing demand for Tether’s stablecoin solutions. The circulation growth is almost equivalent to the market cap of Tether’s closest competitor. Strong U.S. Treasury Holdings Tether’s reserves include over $105 billion in cash and equivalents, with $102.5 billion in U.S. Treasury holdings, setting a new record. If Tether were classified as a country, it would rank among the top 18 holders of U.S. Treasuries, surpassing nations like Germany and Australia. This significant holding underscores Tether’s commitment to liquidity and stability. Enhanced Reserve Buffer and Strategic Investments The company’s reserve buffer increased to over $6 billion, with a 15% growth rate over nine months. Tether’s investments in gold contributed $1.1 billion in unrealized profits during Q3. Additionally, Tether’s proprietary investments, not included in stablecoin reserves, have reached $7.7 billion, focusing on…

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Filed under: News - @ November 1, 2024 9:20 am