Tether recently unveiled its Q3 earnings report, highlighting a net profit of an impressive $2.5 billion for the third quarter of 2024. This substantial gain elevates the company’s total profit for the year to $7.7 billion, showcasing its robust financial health in an evolving cryptocurrency market.
Among the factors contributing to this profit, approximately $1.3 billion is derived from earnings linked to U.S. Treasury holdings, while $1.1 billion stems from unrealized gains from gold reserves. The financial documentation further reveals that Tether's direct and indirect exposure to Treasury bills, which also encompasses holdings in money market funds and reverse repurchase agreements, surpasses a staggering $102 billion.
The company also maintains significant reserve assets, totaling $5 billion in gold and $4.8 billion in Bitcoin (BTC). A notable feature of the quarter is the remarkable surge in Tether's stablecoin issuance, soaring to nearly $120 billion. This increase represents a 30% rise in USDT issuance for 2024, with around 27.8 billion new tokens being issued.
As of September 30, the company reported asset reserves amounting to $125.5 billion against liabilities of $119.4 billion, resulting in excess reserves backing Tether’s stablecoins that have climbed to over $6 billion. Additionally, Tether Investments, the organization’s investment arm, has shown significant growth, reporting a net asset value that increased to $7.7 billion, up from $6.2 billion in the previous quarter..