Stablecoin leader Tether has announced another profitable quarter, with a net income reaching $2.5 billion in its Q3 2024 financial report.
In the early hours of November 1, Tether, the issuer of the USDT stablecoin, disclosed its Q3 2024 financial results, showing a net profit surpassing $2.5 billion. Additionally, the market capitalization of USDT exceeded $120 billion.
According to an audit report released on October 31, Tether's consolidated profit for 2024 has reached $7.7 billion. The company holds $14.2 billion in equity, with total assets valued at $134.4 billion and total liabilities around $119 billion, largely from its token issuance activities.
The report further reveals that Tether holds over $105 billion in cash reserves and cash-equivalent assets, including $102.5 billion in U.S. Treasury bills – a 5% increase from the $97.6 billion recorded in July 2024. This places Tether among the top 18 global holders of U.S. Treasury bills, even ahead of nations like Germany, Australia, and the UAE.
Tether’s asset reserves are also bolstered by nearly $5 billion in gold and $4.8 billion in Bitcoin (about 7,100 BTC), as disclosed by the company’s CEO. These assets serve to protect USDT’s value against economic volatility.
The company has also reinforced its collateral reserves, raising them to over $6.7 billion in Q3 – a 15% increase since the start of the year. CEO Paolo Ardoino emphasized, “Tether continues to set the stability benchmark through expanding reserves and strategic investments.”
CEO Paolo Ardoino stated that approximately $1.3 billion of the $2.5 billion Q3 profit came from interest on U.S. Treasury bills, while the remaining $1.1 billion resulted from gold assets appreciating as the price of gold rose by around 15% over the quarter.
Tether Investment, the company’s investment arm, increased its equity to $7.7 billion, up from $6.2 billion in the prior quarter, partly due to a significant $102 million investment in the agriculture firm Adecoagro. This follows Ardoino’s June commitment to invest an additional $1 billion throughout 2024.
The Q3 2024 report highlights Tether’s robust financial standing and commitment to regulatory transparency. CEO Paolo Ardoino’s pledge to work closely with the FBI reflects Tether’s dedication to legal compliance, addressing media concerns over alleged violations tied to money laundering and sanctions.
After a decade of growth, Tether is reinforcing USDT’s “irreplaceable” role in the stablecoin market, achieving a $120 billion market cap and continuing its upward trajectory.
