**Tether Unveils Record-Setting Financial Results for Q3 2024**
Tether, the leading stablecoin provider globally, has unveiled its much-anticipated financial report for the third quarter of 2024. Here’s everything you need to know.
**Author:** Mete Demiralp
**Date:** 31.10.2024 – 20:40
**Update:** Just now
Tether has reported impressive financial results for the third quarter of 2024, featuring a net profit of $2.5 billion for the group and a remarkable cumulative profit of $7.7 billion over the first nine months of the year. These results have pushed total assets to an unprecedented $134.4 billion, while group equity has reached $14.2 billion, both representing record highs for the stablecoin issuer.
The latest attestation report from Tether validates the reliability of its Consolidated Financial Figures and Reserves Report (CFFRR), which details the company’s financial robustness and the assets it holds in reserve. Tether has successfully fueled a surge in global demand for its stablecoin, with USD₮ circulation nearing $120 billion as of September 30, 2024, marking a 30% increase year-to-date.
Tether’s reserves remain exceptionally strong, setting a new benchmark with over $105 billion in cash and cash equivalents. This includes $102.5 billion in both direct and indirect U.S. Treasury exposure. If Tether were to be classified as a sovereign entity, its Treasury holdings would rank it among the top 18 asset holders worldwide, surpassing nations such as Germany, Australia, and the UAE. Additionally, Tether reported an excess reserve cushion exceeding $6 billion, reflecting a 15% increase over the past nine months. The company’s investments in gold assets have also yielded approximately $1.1 billion in unrealized gains.
In a statement, Tether CEO Paolo Ardoino remarked:
“Our Q3 2024 performance highlights our steadfast commitment to transparency, liquidity, and prudent risk management. Achieving the $120 billion USD₮ milestone and holding $102.5 billion in U.S. Government Bonds illustrates Tether’s financial resilience.”
*Please note that this is not investment advice.*
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