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Tether’s Biggest Profit in Q3: A Record $2.5 Billion

It was an all-time high for Tether’s net profit of $2.5 billion in Q3, 2024, bringing the total earnings this year to $7.7 billion. The assets of the company reached $134.4 billion this quarter, which goes to show just how much Tether has come to dominate the market. Furthermore, the circulating value of USDT, which is the main token issued by Tether, increased to almost $120 billion due to higher demand. Additionally, the company holds more than $6 billion in reserves.

Chart illustrating Tether’s record-breaking $2.5 billion profit in Q3 2024, with data on assets and reserves.
Source: https://cointelegraph.com/news/tether-record-q3-profits-earnings-rise-2024

Key Highlights:

  • Assets and Reserves: Tether’s cash and cash equivalents rose to $105 billion, with $102.5 billion in US Treasury bills—an increase of 5% from last quarter.
  • Interest and Investments: The company earned $1.3 billion from US Treasury holdings and $1.1 billion from gold assets.
  • Broader Investments: Tether has diversified, investing $7.7 billion in areas like renewable energy, Bitcoin mining, AI, telecommunications, and education.

Tether also faces some challenges in its growth, especially with a reported US Attorney’s Office in Manhattan investigating third parties for the use of the Tether platform to possibly misuse. However, the CEO has maintained no knowledge of the same inquiry.

Further, as part of the growth plan, Tether considers options to lend to international commodity traders and that too in developing markets. It may open up new revenue channels or improve its market position.

Competition looms ahead, though Tether is currently at the forefront. Very recently, Ripple released a stablecoin named RLUSD, and new impending EU regulations may cut into Tether’s market share in Europe.

Tether Q3 2024 Overview

 

Key Metric

Value

Quarterly Profit

$2.5 billion

Year-to-Date Earnings

$7.7 billion

Total Assets

$134.4 billion

USDT Circulating Supply

$120 billion

Cash & Equivalents

$105 billion

US Treasury Holdings

$102.5 billion

Unrealized Treasury Profits

$1.3 billion

Gold Asset Profits

$1.1 billion

Diversified Investments

$7.7 billion

 

Tether’s impressive Q3 results show its continued strength but also hint at challenges as competitors emerge and regulations evolve.

November 2, 2024 at 8:00 pm

Updated November 2, 2024 at 8:00 pm

Disclaimer

Remember, investing in cryptocurrencies involves risks, and it’s important to conduct thorough research and seek professional advice before making any financial decisions. (Please keep in mind that this post is solely for informative purposes and should not be construed as financial or investment advice.)

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