Tether Reports Record Q3 Profit of $2.5B, Nine-Month Total Reaches $7.7B

Tether, the issuer of the USDT stablecoin, has announced an impressive profit of $2.5 billion for the third quarter of 2024. This remarkable figure contributes to a total profit of $7.7 billion for the first nine months of the year, marking an all-time high for the company.

• As of September 30, 2024, Tether reported consolidated assets amounting to $134.4 billion and group equity of $14.2 billion, according to its Q3 2024 attestation by independent accounting firm BDO.

Market Capitalization Growth

During this period, USDT's market capitalization surged to $120 billion, reflecting a substantial growth of 30% in 2024. This increase highlights the rising global demand for Tether’s stablecoin.

Details of Tether’s Q3 2024 Attestation

Tether's reserves are predominantly composed of cash and cash equivalents, exceeding $105 billion, with $102.5 billion specifically allocated to U.S. Treasuries.

• If classified as a country, Tether's U.S. Treasury holdings would rank it among the top 18 global holders, surpassing major economies like Germany and Australia.
• Additionally, Tether has expanded its reserve buffer to over $6 billion, and the quarter saw strong returns from gold holdings, generating approximately $1.1 billion in unrealized profits.

Tether Investments, the company's venture arm, has also made significant strides, accumulating $7.7 billion in strategic investments across sectors such as renewable energy, AI, and Bitcoin mining. Currently, it holds an additional 7,100 BTC.

CEO's Statement on Performance

Tether CEO Paolo Ardoino commented on the company's performance, stating:

“Tether’s performance in Q3 2024 showcases our relentless commitment to transparency, liquidity, and responsible risk management. Reaching the $120 billion USDT milestone and reporting $102.5 billion in U.S. Treasury exposure highlights the company’s unparalleled financial strength. By increasing our reserve buffer to over $6 billion and maintaining a focus on strategic investments, Tether is once again setting the standard for stability in the financial space.”

Response to Allegations

The release of this attestation comes after Ardoino addressed concerns regarding a Wall Street Journal report alleging a U.S. criminal investigation into Tether for possible sanctions and anti-money-laundering violations. Tether has denied these claims, referring to them as “old noise.”

• Ardoino emphasized Tether’s cooperative relationship with law enforcement in combating criminal activities. Since 2014, Tether has reportedly assisted in recovering over $109 million in assets related to crimes such as fraud and sanctions evasion.

Tether's record profits and robust financial position underscore its growing influence in the cryptocurrency market, despite facing scrutiny and allegations. The company's commitment to transparency and strategic investments continues to bolster its reputation as a leader in the stablecoin space.