2024-11-01
The assurance opinion, verified by BDO,
reaffirms Tether’s consolidated
financial figures and reserves, underscoring the company’s continued leadership in stablecoin market.
Key Financial Highlights
For the nine months of 2024, Tether
reported 2024 nine-month profit of $7.7 billion, including a Q3 profit of
$2.5 billion, raising its group equity to $14.2 billion and assets to $134.4
billion.
These figures represent all-time highs
for the company.
USDT Circulation
and Record U.S. Treasury Holdings
Tether’s USDT stablecoin
circulation reached an all-time high of nearly $120 billion, marking a 30%
increase or $27.8 billion rise since the beginning of 2024, positioning Tether
far ahead of its competitors in market cap.
This increase reflects growing global
demand for Tether’s stablecoin.
The company’s reserves now include over
$105 billion in cash and cash equivalents, with a record $102.5 billion in U.S.
Treasury holdings, making Tether one of the world’s top 18 U.S. Treasury
holders if classified as a country, ranking above nations such as Germany and
Australia.
This demonstrates Tether’s commitment
to maintaining robust liquidity and stability in the volatile cryptocurrency
market.
Strengthening Reserve Buffer and
Strategic Investments
In line with its risk management
practices, Tether increased its reserve buffer to over $6 billion.
Contributing to this financial
strength, Tether’s Q3 net profit of $2.4 billion benefited from the strong
performance of its gold holdings, which generated about $1.1 billion in
unrealized profits this quarter.
Through its Tether Investments arm, the
company has also made substantial proprietary investments totaling $7.7
billion. These investments span key sectors, including renewable energy,
Bitcoin mining, artificial intelligence, telecommunications, and education.
Tether Investments now holds an
additional 7,100 bitcoins as part of its long-term growth and innovation
strategy.
Financial Stability and Transparency
The Q3 report confirms that Tether’s assets exceed its liabilities, with total reserves of $125.47 billion against liabilities of $119.38 billion, including $119.37 billion tied to digital token issuance.
Reaching the $120 billion USDT and reporting $102.5 billion in U.S. Treasury exposure highlights the company’s financial strength. By increasing the reserve buffer to over $6 billion.
Tether’s USDT is currently the largest
stablecoin by market cap.
