Tether reports a $2.5B net profit in Q3 2024, achieving $134.4 billion in total assets, demonstrating financial strength.
Tether has released its third quarter financial report for 2024. The results are impressive. The company achieved a net profit of $2.5 billion. This brings the cumulative profit for the year’s first nine months to $7.7 billion. Additionally, total assets reached a new high of $134.4 billion.
Expanding on the figures, Tether has once again shown that it is the leading player in the market, as evidenced by its Q3 numbers. This group equity is $14.2 billion, with total assets showing a consolidated figure of $134.4 billion. In particular, all these figures are the historical highs for Tether.
However, the key development for the quarter is the increase in Tether’s stablecoin emission. It came to nearly $120 billion of USD₮ in circulation. This is a YTD increase of 30% in its token issuance, taking the total tokens issued to $27.8 billion. Interestingly, this means that it is very close to the value of the entire market capitalization of Tether’s closest rival.
Tether Increases Excess Reserves Above $6B, Reflecting 15% Growth
On balance sheet reserves management, Tether has exhibited noble performance. The issuing companies now hold over one hundred and five billion dollars in cash and cash equivalents. Out of all these, $102.5 billion is invested in U.S. Treasuries. This puts Tether in the list of the top 18 holders worldwide. Additionally, it ranks higher than countries such as Germany and Australia. Such exposure proves that Tether can provide the necessary liquidity and maintain financial stability.
In addition, the companies have also raised the excess reserve above $6 billion. This is equivalent to a non-annualized growth of about 15% for the nine months. Tether revealed in Q3 that it made a net profit of $2.4 billion, much of which can be credited to its gold. On the other hand, it produced about $1.1 billion of other income—net other operating income.
Tether Allocates Funds to Renewable Energy, Bitcoin Mining, AI
Tether’s long-term vision is seen in its own funds, which are now at $7.7 billion in proprietary investments. These investments are divided between important segments like renewable energy, Bitcoin mining, AI, telecommunications, and education. In addition, Tether Investments also has another 7,100 bitcoin. It supports the company’s goal to promote innovation and financial inclusion worldwide.
Based on the Tether balance sheet as of September 30, 2024, the management offered a financial picture. The total amount in reserves is at least $125.5 billion for total assets, while total liabilities are slightly less at $119.4 billion. More importantly, the consolidated assets outweigh the consolidated liabilities in its statement, a pointer to the company’s sound financial health.
With the third attestation of 2024, Tether continues to set new benchmarks. Paolo Ardoino, CEO of Tether, emphasized the company’s commitment to transparency and responsible risk management. Furthermore, he stated that reaching the $120 billion USD₮ milestone and reporting $102.5 billion in U.S. Treasury exposure highlight Tether’s financial strength. Moreover, it remains dedicated to maintaining stability in the financial sector.
