Original title: "Tether! Total assets and equity hit record highs"

Original author: James, BlockTempo

Tether, the issuer of the USDT stablecoin, today announced the 2024 third quarter reserve report audited by BDO, one of the top five independent public accounting firms in the world, showing that its net profit for the quarter reached US$2.5 billion, and the cumulative profit for the first nine months of this year reached US$7.7 billion. The group's equity reached US$14.2 billion and total assets reached US$134.4 billion, all of which set record highs.

Tether pointed out that its net profit of US$2.5 billion in the third quarter was mainly due to the strong performance of its gold holdings, which generated about US$1.1 billion in unrealized profits in the quarter, and the remaining US$1.3 billion in profits came from US Treasury bond returns.

Tether said that one of the highlights of the quarter was that, benefiting from the demand for stablecoins, USDT circulation has grown by $27.8 billion to nearly $120 billion since the beginning of the year, an increase of 30%, and the growth scale is almost equivalent to the total market value of its competitor USDC.

Tether reserves

In terms of reserves, as of the third quarter, Tether's asset reserves were $125.5 billion, liabilities were $119.4 billion, and excess reserves increased to more than $6 billion, with a non-annualized growth rate of 15% over 9 months.

Tether currently holds more than $105 billion in cash and cash equivalents, of which $102.5 billion is held directly and indirectly in U.S. Treasuries, making Tether one of the top 18 U.S. Treasury holders in the world, ranking higher than Germany, Australia and the United Arab Emirates.

Tether also increased its holdings of Bitcoin and gold in the third quarter, with holdings valued at $4.8 billion and $5 billion, respectively.

Proprietary investment scale reaches US$7.7 billion

In addition, according to Tether's long-term vision, the net asset value of its proprietary investment department Tether Investments has reached US$7.7 billion, higher than US$6.2 billion in the previous quarter. The department's strategic investments span key industries such as renewable energy, Bitcoin mining, AI, telecommunications and education, and holds 7,100 Bitcoins.

Tether CEO Paolo Ardoino said that Tether's performance in the third quarter reflects its unremitting commitment to transparency, liquidity and responsible risk management. The stablecoin market value has reached a milestone of US$120 billion and holds US$102.5 billion in U.S. Treasuries, highlighting the company's unparalleled financial strength:

"By increasing our reserve buffer to more than US$6 billion and maintaining our focus on strategic investments, Tether once again sets the standard for stability in the financial sector."

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