Tether’s Net Profit Reaches $7.7 Billion in 2024

In the third quarter, Tether, the issuer of the USDT stablecoin, reported a net profit of $2.5 billion. Since the beginning of the year, this figure has reached $7.7 billion.

Tether Hits $7.7 billion 2024 Nine-Month Profits, $102.5 billion in U.S. Treasury Holdings, Almost $120 billion USD₮ Circulation, and an Over $6 billion Reserve Buffer in Q3 2024 Attestationhttps://t.co/7gqXsgIv6F

— Tether (@Tether_to) October 31, 2024

According to the statement, the financial results were confirmed by the auditing firm BDO.

Tether reported that the group’s equity reached $14.7 billion, with consolidated assets hitting a historic high of $134.4 billion.

As of September 30, reserves backing USDT amounted to $125.47 billion. Of this total, $102.5 billion was in U.S. Treasury bonds. The company ranks as the 18th largest holder of U.S. government debt, surpassing Germany, Australia, and the UAE, noted Tether CEO Paolo Ardoino.

Another significant portion of the company’s reserves is in gold. According to the USDT issuer, the rise in precious metal prices in the third quarter alone brought $1.1 billion in “paper” profits. In comparison, U.S. bonds provided approximately $1.3 billion.

At the end of the reporting period, the issuance of USDT was approximately 119.4 billion coins, indicating a reserve surplus of about $6 billion.

The allocated capital of the Tether Investments division reached $7.7 billion, including an additional 7,100 BTC acquired during the quarter.

“These strategic investments cover key sectors such as renewable energy, bitcoin mining, artificial intelligence, telecommunications, and education,” the company explained.

Earlier, the WSJ reported that U.S. authorities are investigating Tether for potential violations of sanctions and anti-money laundering regulations.

Ardoino denied the information. Previously, he stated that the company is doing everything possible to maintain good relations with the American government.