Tether, the leading stablecoin issuer, posted a net profit of $2.5 billion for Q3 2024, as confirmed by an attestation report from accounting firm BDO. This brings Tether’s nine-month profit to $7.7 billion, while total assets have reached a substantial $134.4 billion.
Tether has started diversifying its profits by investing in commodity trading and exploring sectors like artificial intelligence (AI) and agriculture. Its proprietary investments are now at $7.7 billion.
USDT’s market cap has grown by 30% year-to-date, reaching $120 billion according to CoinGecko, which Tether CEO Paolo Ardoino attributed to the company’s “unparalleled financial strength.”
With total reserves at $105 billion, largely held in U.S. Treasuries, Tether has become one of the largest holders of U.S. debt, outpacing major countries like Germany. Cantor Fitzgerald, whose CEO, Howard Lutnick, previously expressed strong support for Tether, reviewed this reserve position.
Despite past controversies, including a recent report of a criminal investigation, Ardoino dismissed these claims as “noise.” Bitcoin’s recovery to over $73,000 this week followed the news, underscoring a resilient crypto market.
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