Home > web3.0 > Tether Announces Record $2.5B Profit in Q3 2024, Underscoring Growing Demand for USDT

Tether Announces Record $2.5B Profit in Q3 2024, Underscoring Growing Demand for USDT

Linda Hamilton
Release: 2024-11-01 13:30:27
Original
836 people have browsed it

Tether, the prominent issuer of stablecoin USDT, announced record-breaking profits of $2.5 billion for the third quarter of 2024

Tether Announces Record .5B Profit in Q3 2024, Underscoring Growing Demand for USDT

Stablecoin giant Tether has announced a record-breaking $2.5 billion in profits for Q3 2024, contributing to its year-to-date earnings of $7.7 billion. This strong financial performance aligns with the increasing demand for Tether’s stablecoin USDT, which has seen nearly 30% growth this year, with 120 billion tokens now in circulation.

A large portion of Tether’s backing for USDT comes from a substantial reserve in U.S. Treasury bills, which now totals over $102.5 billion, making Tether one of the top 20 holders of U.S. debt globally.

As per the quarterly attestation report, Tether also holds approximately 7,100 Bitcoin and has made investments in industries like renewable energy and AI. These investments have generated unrealized gains, contributing to the company’s total reserve portfolio, which is now valued at $134.4 billion.

Tether’s equity is reported at $14.2 billion, which showcases the company’s commitment to maintaining a strong reserve base amid increasing scrutiny from global regulators. Notably, in 2021, Tether reached settlements with U.S. regulators over transparency concerns, which led to improved disclosure and collaboration with the authorities.

In a move that aligns with CEO Paolo Ardoino’s recent statements, Tether is expanding its investments beyond traditional stablecoin assets, reflecting the company’s long-term growth vision. This strategy allows Tether to tap into high-growth sectors like artificial intelligence and renewable energy.

As Tether continues to grow and solidify its position as a key player in the stablecoin market, its financial trajectory may set the pace for other stablecoin issuers navigating the evolving digital economy and the increasing demand for dollar-pegged digital assets.

The above is the detailed content of Tether Announces Record $2.5B Profit in Q3 2024, Underscoring Growing Demand for USDT. For more information, please follow other related articles on the PHP Chinese website!

source:php.cn
Statement of this Website
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn
Latest Articles by Author
Popular Tutorials
More>
Latest Downloads
More>
Web Effects
Website Source Code
Website Materials
Front End Template