Tether released its attestation report for the third quarter of this year, showing that the stablecoin issuer again recorded a net profit in the last quarter thanks mainly to its exposure to US treasuries and gold. This continues the company’s hot streak, having recorded net profits in the first and second quarters of the year.
Tether Records $2.5 Billion Net Profits In Q3
The Tether Q3 attestation report shows that the stablecoin issuer recorded a group net profit of 2.5 billion, leading to a nine-month consolidated profit of $7.7 billion over the first three quarters of this year. Meanwhile, the USDT issuer’s group equity has reached $14.2 billion, while its total assets are consolidated at $134.4 billion. This report comes amid reports that the US Department of Justice (DOJ) is investigating the stablecoin issuer.
According to the crypto firm, these figures mark a new all-time high (ATH) for them. Tether stated that this exceptional growth has further solidified its position as an industry leader alongside their significant investments in strategic projects that align with its mission.
As part of the company’s major highlights in Q3, its stablecoin issuing companies reached a new ATH of almost $120 billion USDT in circulation. The USDT issuer noted that this represents a 30% growth in the coins issued in 2024 year-to-date, or $27.8 billion achieved by the company.
The stablecoin issuer’s reserves also reached new highs. Tether’s stablecoin issuing companies now hold over $105 billion in cash and cash equivalents, with $102.5 billion in direct or indirect exposures to US treasuries. The firm made $1.3 billion in profits from its exposure to these US treasuries and $1.1 billion from its gold holdings. Interestingly, the US Treasury recently noted that the growth in stablecoins is driving the demand for short-dated treasuries.
Meanwhile, the USDT issuer’s investment arm currently manages $7.7 billion in investments. These investments span several key industries, such as renewable energy, Bitcoin mining, Artificial intelligence, telecommunications, and education. The investment arm also owns an additional 7,100 Bitcoin.
Paolo Ardoino Comments On Company’s Remarkable Growth
Commenting on their performance in Q3, Tether CEO Paolo Ardoino stated that this showcases their relentless commitment to “transparency, liquidity, and responsible risk management.” He added that reaching the $120 billion USDT milestone and reporting $102.5 billion in US treasury exposure highlights their unparalleled strength.
Before now, the Tether CEO highlighted the firm’s financial strength as the reason they do not intend to go public anytime soon. He claimed that the major reason any company would want to go public is if it is looking for capital or liquidity.
Meanwhile, in an X post, Ardonio further discussed his company’s growth so far. He revealed that 330 million on-chain wallets and accounts have received USDT. This excludes the millions of users who hold and transact using the stablecoin on centralized exchanges. He added that the growth of new on-chain USDT wallets per quarter looks to be accelerating very fast, reaching more than 35 million new addresses per quarter.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
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By CoinGape
Source: CoinGape
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