🚀 Tether’s Net Profit Soars to $2.5 Billion
posted 1 Nov 2024
Tether, the issuer of stablecoin USDT, reported $2.5 billion in net profit for Q3 2024. Independent auditing firm BDO confirmed that Tether’s total profit for the first nine months of 2024 reached $7.7 billion, with all declared reserves fully verified.
Currently, USDT’s market cap stands at approximately $120 billion. Tether’s reserves, which must cover this amount in full, have reached $125 billion, including a $6 billion contingency fund for unexpected market fluctuations.
The bulk of Tether’s reserves ($102.5 billion) is invested in U.S. Treasury bonds, making Tether one of the largest holders of U.S. securities—surpassing countries like Germany, Australia, and the UAE. The remaining reserves are diversified into fiat, gold, Bitcoin, and other major assets.
In addition to reserve-based revenue, Tether’s separate investment division has increased its portfolio in various projects and cryptocurrencies to $7.7 billion. For example, the investment arm has allocated at least $492 million to Bitcoin holdings, which it continues to hold on its balance sheet.
These strategic investments span across key industries such as renewable energy, Bitcoin mining, Artificial Intelligence, telecommunications, and education, reinforcing Tether’s broader mission to drive global innovation and inclusion,the company noted in a statement.
The Wall Street Journal previously warned readers about an investigation into Tether’s activities by U.S. authorities. In response, Tether CEO Paolo Ardoino emphasized Tether’s respect for international sanctions and cooperation with regulators.
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