Tether (USDT) Market Cap Surpasses $120B, Treasury Holdings Hit $102.5B

Today, Tether Holdings Limited (BVI) released its assurance opinion for the third quarter of 2024, conducted by BDO, a leading global independent accounting firm.

Tether Holdings Limited (BVI) has announced record-breaking financial results for the third quarter of 2024, with a Group net profit of $2.5 billion, and Stablecoin issuing companies achieving almost $120 billion USD₮ in circulation.

According to the assurance opinion, conducted by BDO, a leading global independent accounting firm, and released on Friday, Tether’s Stablecoin issuing companies reached a new all-time high (ATH) with almost $120 billion USD₮ in circulation as of September 03, 2024. This marks a 30% growth in USD₮ tokens issued in 2024 year-to-date, or $27.8 billion achieved by the companies, which is nearly equivalent to the entire market cap of its closest competitor.

The report also highlights that Tether’s Stablecoin issuing companies now hold over $105 billion in cash and cash equivalents in managing the respective reserves, with a notable $102.5 billion in direct and indirect exposures to U.S. Treasuries. This places Tether among the top 18 holders globally if it were classified as a country, ranking higher than Germany, Australia, and the UAE, showcasing Tether’s dedication to liquidity and stability.

Moreover, the Stablecoin issuing companies increased their excess reserve buffer to over $6 billion, indicating a non-annualized nine-month growth rate of 15%. In Q3, the reported net profit achieved $2.4 billion, supported by the strong performance of its gold holdings, which generated approximately $1.1 billion in unrealized profits this quarter.

In line with Tether’s long-term vision, proprietary investments (Tether Investments arm), not included in the reserves backing the stablecoins issued, have reached $7.7 billion. These strategic investments span across key industries such as renewable energy, Bitcoin mining, Artificial Intelligence, telecommunications, and education, reinforcing Tether’s broader mission to drive global innovation and inclusion. Tether Investments arm owns an additional 7,100 Bitcoin.

With regard to the companies managing Tether tokens reserves (Tether International Limited and Tether Limited), the Management of the Company asserts the following as of September 30, 2024:

• The total assets included in the reserves amount to at least US$125,472,000,279.

• The total liabilities amount to US$119,380,380,143, of which US$119,376,234,010 relates to digital tokens issued.

• The assets exceed its consolidated liabilities.

• The direct and indirect exposures to U.S. Treasuries increased to $102.5 billion.

Commenting on the results, Paolo Ardoino, CEO of Tether, said, “Tether's performance in Q3 2024 showcases our relentless commitment to transparency, liquidity, and responsible risk management. Reaching the $120 billion USD₮ milestone and reporting $102.5 billion in U.S. Treasury exposure highlights the company's unparalleled financial strength. By increasing our reserve buffer to over $6 billion and maintaining a focus on strategic investments, Tether is once again setting the standard for stability in the financial space.”

For further details, please refer to the latest assurance opinion and the Consolidated Reserves Report here.

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