Wang Long Chai
November 1, 2024 07:37
Tether’s Q3 2024 report highlighted its financial strength by disclosing nine-month revenue of $7.7 billion, US Treasury holdings of $102.5 billion, and buffer reserves of $6 billion.
Tether Holdings Limited has announced its third quarter 2024 certification conducted by global accounting firm BDO, confirming the accuracy of its consolidated financial figures and reserve reports. According to Tether, the certification highlights Tether’s strong financial performance, including revenue of $7.7 billion over nine months and group assets of $14.2 billion.
Record Financial Milestones
In the third quarter of 2024, Tether achieved net income of $2.5 billion, contributing to a record $7.7 billion profit over the nine-month period. This financial growth included total asset value of $134.4 billion, the company’s highest ever. These results strengthen Tether’s leadership position in the cryptocurrency market through strategic reinvestment in projects that align with its mission.
Significant growth in stablecoin circulation
Tether’s flagship stablecoin, USD₮, has reached its highest circulation volume ever, with nearly $120 billion worth of USD₮ tokens in circulation. This represents a 30% year-on-year increase and highlights the growing demand for Tether’s stablecoin solutions. The growth rate of circulation is almost identical to the market capitalization of Tether’s closest competitor.
Have a strong US Treasury
Tether’s holdings include over $105 billion in cash and equivalents, while its holdings of U.S. Treasury bonds hit a new record of $102.5 billion. If Tether were classified as a country, it would be among the top 18 holders of U.S. Treasury bonds, ahead of countries like Germany and Australia. This significant holding highlights Tether’s commitment to liquidity and stability.
Enhanced reserve buffers and strategic investments
The company’s reserve buffer grew to more than $6 billion, with a growth rate of 15% over nine months. Tether’s gold investments contributed $1.1 billion in unrealized gains during the third quarter. Additionally, Tether’s proprietary investments, not included in its stablecoin holdings, amounted to $7.7 billion, focusing on areas such as renewable energy and Bitcoin mining.
financial argument
As of September 30, 2024, Tether’s total assets reached $125.47 billion and liabilities reached $119.38 billion. This figure confirms that Tether’s assets exceed its liabilities, with $119.38 billion associated with issued digital tokens.
“Tether’s performance in the third quarter of 2024 demonstrates our continued commitment to transparency, liquidity and responsible risk management,” said CEO Paolo Ardoino, emphasizing Tether’s commitment to transparency and financial soundness. The company continues to set benchmarks in the financial sector through strategic investments and strong reserve management.
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