USDT issuer Tether Holdings Limited released its Q3 2024 financial reports on Thursday, revealing a massive $2.5 billion in profits realized between July and September 2024.
Tether has achieved significant business success and surpassed previous milestones amidst growing market confidence and stability. It reported a record-breaking quarter with all-time high values.
Tether’s Q3 All-time Highs
According to the company’s release, it achieved a 2024 nine-month consolidated profit of $7.7 billion and a group equity of $14.2 billion. Further, its total assets reached a new all-time high of $134.4 billion.
A significant part of the company’s success is its USDT’s growth, which reached a new milestone of over $120 billion market capitalization for the first time, a 30% growth in USDT tokens issued in 2024 year-to-date.
This massive rise in market cap was driven by increasing demand for stablecoins amid the unstable crypto market in Q3 2024, leading Tether to mint over $1.3 billion USDT in August.
Also in August, Tether partnered with Phoenix Group PLC to debut its UAE Dirham-pegged (AED) Stablecoin. This coin allows users to access AED benefits while surfing the crypto ecosystem as crypto adoption in the region continues to rise.
Tether on Top 18 U.S. Treasury Holders
Concluding Q3 2024, Tether grew to join the top 18 U.S. treasury holders with about $102.5 billion in direct and indirect exposures to U.S. Treasuries, ranking above Germany, Australia, and UAE.
Additionally, it recorded massive growth in its reserve assets, with a new all-time high of over $105 billion in cash and cash equivalents.
Moreover, Tether increased its excess reserves to over $6 billion to reach a 15% non-annualized growth rate over nine months.
As revealed by the stablecoin issuer, its investment arm holds about $7.7 billion, not included in USDT reserves. The company diversifies its investments into Bitcoin mining, Artificial intelligence, and telecommunications to drive global innovation.
Paolo Ardoino, CEO of Tether, commented, “Tether’s performance in Q3 2024 showcases our relentless commitment to transparency, liquidity, and responsible risk management. Reaching the $120 billion USD₮ 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.”
Meanwhile, Tether is also on the list of companies promoting institutional Bitcoin adoption, as its investment arm now holds about 7,100 BTC.
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