Tether reported several all-time highs in its third quarter of 2024 report, including the company’s total assets, group equity, and cumulative profit.

Record-Breaking Profits

According to a Q3 report published on Oct. 31, the stablecoin issuer’s net profit reached $2.5 billion, contributing to a 2024 nine-month consolidated profit of $7.7 billion, marking an all-time high for Tether.

Equity and Assets

Tether also achieved all-time highs in equity at $14.2 billion and total assets on a consolidated basis of $134.4 billion. While the total assets held in its reserves amounted to nearly $125 billion, around $119 billion of liabilities originated from token issuance.

Growing Demand for USDT

Tether’s Q3 report indicates a growing demand for USDT stablecoins, with USDT’s circulation increasing by nearly 30% in 2024. An additional $27.8 billion worth of tokens were issued this year, bringing the total issuance close to $120 billion USDT.

Reserves and Holdings

Tether’s stablecoin issuing companies currently hold $105 billion in cash and cash equivalents. Out of that $105 billion, approximately $102.5 billion are in direct and indirect exposures to U.S. Treasuries.

Significant US Debt Holdings

Tether’s stockpile of US debt places the company among the top 18 largest global holders, ranking above countries like Germany, Australia, and the United Arab Emirates.

Excess Reserve Buffer

According to the attestation, Tether’s stablecoin issuing companies boosted their excess reserve buffer above $6 billion, reflecting a nine-month growth rate of 15%. Tether’s high net profit this quarter of around $2.4 billion is supported by the performance of its gold holdings, which generated approximately $1.1 billion in unrealized profits.

Diverse Investments

Tether Investments also hold an additional 7,100 Bitcoin, worth around $496 million. Furthermore, Tether has invested in a variety of startups across multiple industries, including renewable energy, Bitcoin mining, artificial intelligence, telecommunications, and education.

“Tether’s performance in Q3 2024 showcases our relentless commitment to transparency, liquidity, and responsible risk management,” said Paolo Ardoino, CEO of Tether.

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