Stablecoin issuer Tether saw its profit reach a record $2.5 billion in the third quarter of the year, contributing to a nine-month profit total of $7.7 billion \u2013 an all-time high.<\/p>\n
As of September 30, 2024, the company reported $134.4 billion in consolidated assets and $14.2 billion in group equity, as per its Q3 2024 attestation conducted by global independent accounting firm, BDO.<\/p>\n
USDT\u2019s market cap reached 120 billion during the period, indicating a 30% growth in 2024 and reflecting increasing global demand for Tether\u2019s stablecoin.<\/p>\n
Tether revealed that its reserves include over $105 billion in cash and cash equivalents, with $102.5 billion allocated to US Treasuries. This US Treasury holding would rank Tether among the top 18 global holders if it were classified as a country, placing it above notable economies such as Germany and Australia, the company said in its latest blog post<\/a>.<\/p>\n Additionally, Tether expanded its reserve buffer to over $6 billion. The quarter also saw strong returns from gold holdings, contributing approximately $1.1 billion in unrealized profits.<\/p>\n Meanwhile, Tether Investments, which happens to be the company\u2019s venture arm, reached $7.7 billion in strategic investments across different industries such as renewable energy, AI, and Bitcoin mining. This arm currently possesses an additional holding of 7,100 BTC.<\/p>\n Weighing on Tether\u2019s third attestation of 2024, Tether CEO Paolo Ardoino said,<\/p>\n \u201cTether\u2019s 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\u2019s 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.\u201d<\/p>\n Today\u2019s attestation release follows Ardoino\u2019s presentation<\/a> at Lugano\u2019s PlanB event, where he detailed Tether\u2019s reserves in response to last week\u2019s Wall Street Journal report alleging a US criminal investigation into possible sanctions and anti-money-laundering violations \u2013 claims the company has denied<\/a>.<\/p>\n Calling the Wall Street Journal\u2019s allegations \u201cold noise,\u201d the CEO added that Tether maintains a cooperative relationship with law enforcement to tackle criminal activity. As noted in an August statement, the stablecoin issuer has helped recover<\/a> more than $109 million in assets tied to crimes like fraud and sanctions evasion since 2014.<\/p>\n The post Tether Reports Record Q3 Profit of $2.5B, Bringing Nine-Month Total to $7.7B<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Stablecoin issuer Tether saw its profit reach a record $2.5 billion in the third quarter of the year, contributing to a nine-month profit total of $7.7 billion \u2013 an all-time high. As of September 30, 2024, the company reported $134.4 billion in consolidated assets and $14.2 billion in group equity, as per its Q3 2024 […]<\/p>\n","protected":false},"author":0,"featured_media":17268,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-17267","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/17267"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17267"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/17267\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/17268"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17267"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17267"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17267"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}False Scrutiny Allegations<\/h2>\n