**Tether Reports Impressive Q3 with $2.5 Billion Profit, US Treasury Holdings Exceed $100 Billion**
On Thursday, Tether, the prominent stablecoin issuer, revealed a net profit of $2.5 billion for the third quarter, bringing its total earnings for the year to an impressive $7.7 billion. This surge has propelled the company’s equity to an all-time high of $14.2 billion for this fiscal year.
The circulation of its USDT tokens also saw substantial growth, reaching nearly $120 billion this quarter, which represents a remarkable 30% increase in issuance for the year 2024.
**Tether Boosts Excess Reserves by 15%**
The company reported that its reserves now surpass $105 billion in cash and cash equivalents, with $102.5 billion allocated to investments in US Treasuries. If Tether were treated as a sovereign entity, its holdings would rank it among the top 18 holders globally.
Moreover, Tether has enhanced its excess reserve buffer by 15% this year, bringing the total to over $6 billion. The company’s gold assets have also yielded approximately $1.1 billion in unrealized gains for the quarter.
**Financial Overview: $125.5 Billion in Assets, $105 Billion in Cash, and $4.9 Billion in Gold Holdings**
As reported by BDO Italy, Tether International Limited and Tether Limited disclosed total assets of $125.5 billion against liabilities of $119.4 billion as of September 30. This has resulted in excess reserves backing its stablecoins exceeding $6 billion.
The report highlighted that out of the reserve assets, $105 billion is held in cash and cash equivalents, with $84.5 billion invested in US Treasury bills. The total exposure to Treasury bills, including direct investments and those via money market funds and reverse repurchase agreements, has reached over $102 billion.
In addition, Tether maintains $4.9 billion in gold and $4.7 billion in Bitcoin (BTC). Furthermore, Tether’s investment division possesses an additional 7,100 bitcoins.
**CEO Addresses Speculations Regarding US Investigation**
In July 2022, Tether began collaborating with BDO Italia for regular attestations, aimed at providing ongoing updates on the assets backing its USDT tokens. This partnership was designed to enhance investor and regulatory confidence in the stability and transparency of its stablecoin, particularly following previous controversies regarding its reserves.
Recently, the Wall Street Journal reported that US federal investigators are examining Tether for potential violations related to sanctions and anti-money laundering regulations. In response, CEO Paolo Ardoino dismissed these claims, referring to them as “old noise.”
