Tether, the leading stablecoin issuer, recorded a net profit of $2.5 billion in the third quarter of 2024, according to the recently released attestation report prepared by accounting firm BDO.
The company’s nine-month profits have now hit an impressive $7.7 billion.
The report also reveals that Tether has a whopping $134.4 billion in total assets.
As reported by U.Today, the stablecoin issuer has started preparing to invest parts of its profits into commodity trading. The company has also placed bets on the booming artificial intelligence (AI) sector and even the agriculture industry. Its proprietary investments have reached $7.7 billion.
According to data provided by CoinGecko, the market cap of the USDT stablecoin has swelled to as much as $120 billion. It has experienced a 30% growth on the year-to-date basis. This, according to Tether CEO Paolo Ardoino, shows the company’s “unparalleled” financial strength.
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Tether’s total reserves currently stand at $105 billion, according to the Thursday report. The vast majority of its reserves are in US Treasuries. In fact, this makes Tether one of the biggest holders of US debt, surpassing various major countries such as Germany. The firm’s balance sheet has been reviewed by New York-based financial services firm Cantor Fitzgerald. Howard Lutnick, CEO of Cantor Fitzgerald, stated that he was a “big fan” of Tether last year.
Over the course of its existence, the company has faced various controversies. Last week, the Wall Street Journal reported that Tether was the subject of a criminal investigation in the US. However, Ardoino was quick to downplay the bombshell report as “noise.” After initially recording a sharp drop, Bitcoin managed to recover and surged above the $73,000 level earlier this week.
