Tether Achieves Record $7.7 Billion Profit in First Nine Months of 2024, Reinforcing Financial Strength
Tether’s Q3 report shows $7.7 billion in 2024 profits, $120 billion in USD₮ circulation, and a $6 billion reserve buffer. With $102.5 billion in U.S. Treasuries, Tether secures its position as a stablecoin leader, reinforcing liquidity and exploring investments in renewables, AI, and Bitcoin mining.
October 31, 2024 – Tether Holdings Limited, the world's largest stablecoin issuer, has published its third-quarter 2024 assurance opinion, verified by global accounting firm BDO. The report highlights Tether’s robust financial standing, with record-breaking net profits, increased reserves, and substantial holdings in U.S. Treasury securities.
Key Financial Highlights
Tether reported an unprecedented nine-month profit of $7.7 billion in 2024, fueled by a Q3 profit of $2.5 billion. The company’s consolidated total assets now reach $134.4 billion, with group equity at $14.2 billion—both at all-time highs. This surge in profitability has allowed Tether to bolster its reserves and pursue reinvestments aligned with its vision for long-term stability and growth.
Unmatched Stability and Reserves
With nearly $120 billion USD₮ stablecoins in circulation, Tether’s popularity has grown by 30% year-to-date, marking a new high for the company. Tether’s reserves now exceed $105 billion in cash and cash equivalents, of which $102.5 billion is held in U.S. Treasuries. This figure places Tether among the world’s top 18 holders of U.S. Treasuries, surpassing nations such as Germany and Australia. Tether has also grown its reserve buffer to over $6 billion, a 15% increase, demonstrating its commitment to liquidity and user security.
Expanding Strategic Investments
In addition to its reserves, Tether has dedicated $7.7 billion through Tether Investments, targeting diverse sectors including renewable energy, Bitcoin mining, AI, and telecommunications. These investments, alongside an additional 7,100 Bitcoin held in reserve, underscore Tether’s strategy to support global innovation while maintaining a diversified portfolio.
Detailed Q3 Financial Report
According to BDO’s independent assurance, as of September 30, 2024, Tether’s total assets backing USD₮ and other tokens amount to $125.5 billion, against liabilities of $119.4 billion. The firm’s reserves surpass its liabilities by more than $6 billion, reinforcing its ability to support the ever-growing demand for Tether tokens across 16 blockchains. Tether’s investments in precious metals, cryptocurrencies, and secured loans contribute to its diversified, robust asset portfolio.
CEO’s Perspective
Paolo Ardoino, CEO of Tether, emphasized the company’s strategic foresight, stating, “Our Q3 performance showcases our dedication to transparency and risk management. The growth in USD₮ circulation, paired with our expanding U.S. Treasury holdings and $6 billion reserve buffer, solidifies our stability and leadership in the financial sector.”
As Tether continues to scale, its strong financial performance and expanding investments signal a long-term commitment to innovation and resilience in the digital asset industry. For more details, consult Tether’s latest assurance opinion and Consolidated Reserves Report.