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Tether Records Q3 Profits, Releases Attestation Report

Tether’s Q3 attestation report reveals a group net profit of $2.5 billion, contributing to a consolidated profit of $7.7 billion for 2024.

Tether has released its attestation report for the third quarter of this year, which indicates that the stablecoin issuer generated a net profit in the most recent quarter. This success was primarily due to Tether’s exposure to US treasuries and gold. This is a continuation of the company’s recent success, as it has achieved net profits in both the first and second quarters of the year.

In the third quarter, Tether generated net profits of $2.5 billion

The stablecoin issuer achieved a nine-month consolidated profit of $7.7 billion over the first three quarters of this year, as evidenced by the Tether Q3 attestation report, which reported a group net profit of 2.5 billion. In the interim, the USDT issuer’s group equity has accumulated $14.2 billion, and its total assets have been consolidated at $134.4 billion. This report is published with media reports that the US Department of Justice (DOJ) is investigating the stablecoin issuer.

The crypto firm has declared that these figures represent a new all-time high (ATH For them). Tether asserted that this remarkable expansion has further solidified its status as an industry leader, in addition to its substantial investments in strategic initiatives consistent with its mission.

In Q3, the stablecoin issuing companies achieved a new ATH of nearly $120 billion USDT in circulation, which was one of the company’s significant highlights. The USDT issuer noted that this represents a 30% increase in the number of coins issued in 2024 year-to-date, which equates to $27.8 billion realized by the company.

The stablecoin issuer’s reserves also reached new highs. Tether’s stablecoin issuing companies currently possess over $105 billion in cash and cash equivalents, with $102.5 billion in direct or indirect exposures to US treasuries. The firm generated $1.3 billion in profits from its exposure to these US treasuries and $1.1 billion from its gold holdings. It is intriguing that the US Treasury recently observed that the growth in stablecoins is driving the demand for short-dated treasuries.

In the interim, the investment arm of the USDT issuer currently oversees $7.7 billion in investments. These investments encompass a variety of critical sectors, including renewable energy, Bitcoin mining, artificial intelligence, telecommunications, and education. Additionally, 7,100 Bitcoins are held by the investment arm.

Paolo Ardoino’s Comments Regarding the Company’s Outstanding Development

Tether CEO Paolo Ardoino commented on their performance in Q3, stating that it demonstrates their unwavering dedication to “transparency, liquidity, and responsible risk management.” He also noted that their unparalleled strength is underscored by their achievement of the $120 billion USDT milestone and their recent disclosure of $102.5 billion in US treasury exposure.

The CEO of Tether has previously emphasized the company’s financial stability as the primary reason for its decision not to go public shortly. He asserted that the primary motivation for any organization to consider going public is to secure liquidity or capital.

Ardonio also elaborated on the company’s progress in an X post. He disclosed that USDT has been transferred to 330 million on-chain wallets and accounts. This does not include the millions of users who hold and transact with the stablecoin on centralized exchanges. He further stated that the growth rate in the number of new on-chain USDT wallets per quarter appears to be increasing at an unprecedented rate, with over 35 million new addresses added each quarter.

Edwin Aboyi

Edwin Aboyi is a product designer, writer, and illustrator with a degree in Biological Sciences from the University of Abuja. Passionate about merging technology with creativity, Edwin contributes to Protechbro.com by offering fresh perspectives on AI, Web3, and blockchain

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