Tether’s 9-month profits soar to $7.7 billion as reserves reach record high
The post Tether’s 9-month profits soar to $7.7 billion as reserves reach record high appeared on BitcoinEthereumNews.com.
Tether Limited reported $2.5 billion in net profit for the third quarter, bringing its year-to-date gains to a record-breaking $7.7 billion. The firm’s impressive performance was largely boosted by its gold holdings, which amount to roughly $5 billion. It recorded $1.1 billion in unrealized profit. Tether boosts its excess reserve buffer to over $6 billion According to Tether’s most recent assurance opinion, conducted by accounting firm BDO, the company has increased its excess reserve buffer to more than $6 billion, representing a 15% growth rate over the last nine months. As a result, the firm’s total equity has reached an all-time high of $14.2 billion, with its assets totaling $134.4 billion. The stablecoin issuer has started channeling a portion of its profits into commodity trading. Additionally, it has made investments in the rapidly expanding artificial intelligence (AI) and agriculture sectors, with its proprietary investments totaling $7.7 billion. Tether CEO Paolo Ardoino said: By increasing our reserve buffer to over $6 billion and focusing on strategic investments, Tether is once again setting the standard for stability in the financial space. ~Paolo Ardoino Tether amasses $105 billion in cash reserves, ranking among the top 18 global holders of U.S. Treasuries Tether’s issuing firms now have over $105 billion in cash and cash equivalents, with a record $102.5 billion in US Treasuries. This figure places the cryptocurrency firm among the top 18 global holders of US Treasuries, surpassing Germany, Australia, and the UAE, and is about $5 billion more than Tether’s previous attestation report. New York-based financial firm Cantor Fitzgerald conducted the balance sheet review, with CEO Howard Lutnick expressing strong support for the stablecoin giant last year. Additionally, the corporation added 7,100 Bitcoin (BTC) to its hoard, which is now worth nearly $4.8 billion. According to CoinGecko data, USDT’s market cap has…
Filed under: News - @ November 1, 2024 12:11 am