As a seasoned crypto investor with a keen eye for detail and a knack for spotting trends, I can confidently say that Tether’s Q3 2024 report is nothing short of impressive. The all-time-highs in net profit, equity, total assets, and consolidated profit are not just numbers on a screen but signs of a robust, growing platform.
In their Q3 2024 report, Tether announced multiple new records, such as increases in the company’s overall assets, stockholder equity, and accumulated profits.
Based on a Q3 report released on October 31st, the issuer of stablecoins recorded a net profit of $2.5 billion. This significant figure has boosted their nine-month consolidated profit for 2024 to an impressive $7.7 billion – a new record high for Tether (USDT).
Additionally, it’s worth noting that Tether reached all-time highs (ATHs) on equity at approximately $14.2 billion and total consolidated assets of $134.4 billion. Interestingly, about 90% of these assets are held in reserve, amounting to nearly $125 billion. On the other hand, around $119 billion in liabilities were generated due to token issuance.
As a crypto investor, I’m thrilled to see that Tether’s Q3 report indicates a surging interest in USDT stablecoins. The circulation of USDT has soared to almost 30% in the year 2024, accompanied by an impressive $27.8 billion worth of new tokens minted this year. This growth has led Tether to issue a record-breaking amount of tokens, with the total approaching a staggering $120 billion USDT.
Approximately $102.5 billion out of Tether’s stablecoin issuing companies’ total reserves of about $105 billion is invested directly or indirectly in U.S. Treasury securities, with the remaining $2.5 billion being held as cash and cash equivalents.
Through holding substantial amounts of U.S. debt, Tether finds itself among the 18 most significant global debt holders, surpassing the debt holdings of countries like Germany, Australia, and the United Arab Emirates.
Based on the report, Tether’s companies responsible for issuing stablecoins have increased their excess reserve buffer to over $6 billion, signifying a growth rate of 15% over the past nine months. This substantial net profit of around $2.4 billion in the recent quarter is bolstered by the strong performance of its gold holdings, which have yielded approximately $1.1 billion in unrealized profits.
Beyond the existing Bitcoin holdings, Tether has also acquired approximately 7,100 Bitcoin (BTC), which equates to around $496 million in value. Tether has diversified its investments by backing numerous startups spanning sectors such as renewable energy, Bitcoin mining, artificial intelligence, telecommunications, education, and more.
In a statement during Q3 2024, Tether’s CEO, Paolo Ardoino, highlighted the company’s unwavering dedication to openness, ease of trading, and careful handling of risks by showcasing our strong performance in these areas.
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2024-11-01 14:32