{"id":17355,"date":"2024-11-02T07:30:04","date_gmt":"2024-11-02T07:30:04","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=17355"},"modified":"2024-11-02T07:30:04","modified_gmt":"2024-11-02T07:30:04","slug":"ceo-ardoino-on-tether-q3-performance-2-3-billion-gains-and-what-lies-ahead-for-the-stablecoin","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=17355","title":{"rendered":"CEO Ardoino On Tether Q3 Performance: $2.3 Billion Gains And What Lies Ahead For The Stablecoin"},"content":{"rendered":"

On Thursday, Tether (USDT), the world\u2019s largest stablecoin issuer<\/a>, released its third-quarter (Q3) assurance opinion report, revealing substantial financial results amid the broader market recovery led by Bitcoin (BTC).\u00a0<\/p>\n

Total Tether Assets Reach All-Time High<\/h2>\n

Conducted by accounting firm BDO, the report <\/a>highlights Tether\u2019s growth, with a net profit of $2.5 billion for Q3, contributing to a consolidated profit of $7.7 billion for the first nine months of 2024. This marks a significant achievement for the company, with total assets reaching an all-time high of $134.4 billion.<\/p>\n

Another notable accomplishment in the report was the expansion of Tether\u2019s stablecoin supply, which now exceeds $120 billion in circulation. This represents a 30% increase since the beginning of the year and reflects the growing global demand for Tether\u2019s stablecoin, USDT<\/a>.\u00a0<\/p>\n

Tether\u2019s reserves are now at over $105 billion in cash and cash equivalents, including $102.5 billion in direct and indirect exposures to US Treasury bills (T-Bills).\u00a0<\/p>\n

If categorized as a country, the stablecoin company would rank among the top 18 holders of US Treasuries globally, surpassing nations like Germany and Australia.\u00a0<\/p>\n

CEO Ardoino Criticizes \u2018Inclusion Washing\u2019 By Other Firms<\/h2>\n

CEO Paolo Ardoino emphasized the company\u2019s dedication to transparency and responsible risk management, stating \u201cTether\u2019s performance in Q3 showcases our relentless commitment to liquidity and financial stability,\u201d pointing to the increase in the reserve buffer<\/a> to over $6 billion and investments made through Tether Investments.<\/p>\n

The Tether CEO revealed that these investments span various sectors, including renewable energy, Bitcoin mining, artificial intelligence (AI), telecommunications, and education.<\/p>\n

In a recent social media post<\/a> on X (formerly Twitter), Ardoino also highlighted the importance of USDT in promoting financial inclusion, particularly in developing countries. He noted that a significant portion of USDT\u2019s usage is concentrated in regions with limited traditional banking services.\u00a0<\/p>\n

\u201cUSDt is the digital dollar for hundreds of millions of people who the banking industry has left behind,\u201d Ardoino explained, underscoring the stablecoin\u2019s role in providing financial access <\/a>to \u201cunderserved populations.\u201d<\/p>\n

Despite progress, Ardoino acknowledged that a substantial portion of the global population\u2014approximately 3 billion people\u2014still lacks access to basic financial services.\u00a0<\/p>\n

Ardoino further criticized the notion of \u201cfinancial inclusion washing,\u201d where companies make grand claims about enhancing financial access without delivering tangible results. In contrast, the CEO said Tether aims to lead the charge toward \u201ca more inclusive financial ecosystem.\u201d<\/p>\n

At the time of writing, the market\u2019s largest cryptocurrency, Bitcoin<\/a>, was trading at $69,390, having lost its consolidation above the key $70,000 resistance level while recording a 1.2% drop in price over the past 24 hours.\u00a0<\/p>\n

Featured image from DALL-E, chart from TradingView.com <\/p>","protected":false},"excerpt":{"rendered":"

On Thursday, Tether (USDT), the world\u2019s largest stablecoin issuer, released its third-quarter (Q3) assurance opinion report, revealing substantial financial results amid the broader market recovery led by Bitcoin (BTC).\u00a0 Total Tether Assets Reach All-Time High Conducted by accounting firm BDO, the report highlights Tether\u2019s growth, with a net profit of $2.5 billion for Q3, contributing […]<\/p>\n","protected":false},"author":0,"featured_media":17356,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-17355","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\/17355"}],"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=17355"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/17355\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/17356"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}