Tether Reports Record $2.5B Quarterly Profit as Treasury Holdings Soar
Crypto News

Tether Reports Record $2.5B Quarterly Profit as Treasury Holdings Soar

1分钟
1 month ago

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.

Tether Reports Record $2.5B Quarterly Profit as Treasury Holdings Soar
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.

This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
1 person liked this article