Stablecoin issuer Tether posted a record $2.5 billion in profit in the third quarter of the year, contributing to a record nine-month profit of $7.7 billion.

According to the third quarter of 2024 data from global independent accounting firm BDO, the company had consolidated assets of $134.4 billion and group shareholders’ equity of $14.2 billion as of September 30, 2024.

USDT’s market capitalization reached $120 billion during this period, representing a 30% increase in 2024 and reflecting growing global demand for the Tether stablecoin.

Tether in Q3 2024

Tether reported that its reserves include more than $105 billion in cash and cash equivalents, of which $102.5 billion is allocated to U.S. Treasury bonds. This holding of US Treasuries would put Tether among the 18 largest holders in the world if it were classified as a country, placing it above well-known economies like Germany and Australia, the company said in its latest blog post.

In addition, Tether increased its reserve buffer to more than $6 billion. The quarter also saw strong returns on gold assets, generating about $1.1 billion in unrealized gains.

Meanwhile, Tether Investments, which is the company’s venture arm, reached $7.7 billion in strategic investments in various industries such as renewable energy, AI, and bitcoin mining. The unit currently holds an additional 7,100 BTC.

As Tether’s third attestation in 2024 approaches, Tether CEO Paolo Ardoino said:

“Tether’s performance in Q3 2024 demonstrates our continued commitment to transparency, liquidity, and responsible risk management. Reaching the $120 billion mark and reporting $102.5 billion in U.S. Treasuries underscores the company’s unrivaled financial strength. By increasing our reserve buffer to over $6 billion and maintaining our focus on strategic investments, Tether is once again setting the standard for stability in the financial space.”

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