Stablecoin giant Tether has announced record profits of $2.5 billion for the third quarter of 2024, taking its year-to-date earnings to an astonishing $7.7 billion.
Stablecoin giant Tether has announced record profits of $2.5 billion for the third quarter of 2024, taking its year-to-date earnings to an astonishing $7.7 billion. According to the company's latest financial report, made public on Thursday, total assets have risen to $134.4 billion amid significant growth across several sectors.
Its flagship USDT token has expanded its circulation to almost $120 billion, reflecting growing adoption in the current bullish cryptocurrency market. It's backed by a substantial reserve, with over $105 billion cash and cash equivalents, of which $102.5 billion represents U.S. Treasury bills—a 5% quarterly increase.
Speaking to its far-reaching extent, Tether CEO Paolo Ardoino explained that 330 million unique on-chain wallets and accounts have transferred USDT, excluding transactions that have occurred over centralized exchanges.
Its investment portfolio has outgrown its more conservative reserves with $7.7 billion scattered in industries including renewable energy, Bitcoin mining, artificial intelligence, telecommunication and education. The company also saw unrealized gains of $1.3 billion of Treasury on hand and $1.1 billion from gold investments in the quarter.
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