Tether Records $2.5B In Net Profit In Q3 To Mark $7.7B YTD Total Profit

Leading stablecoin issuer Tether has released its latest quarterly attestation, reporting a whopping $2.5 billion in net profits for Q3. The company revealed that it amassed $1.3 billion from US Treasuries exposures and $1.1 billion from its gold holdings.

The statement also indicated that Tether hit $7.7 billion in total profits within the first nine months of 2024.

Tether's commitment to growth and robust reserve position drove this record-breaking report amid increased scrutiny from US regulators on the firm.

Tether Reports A Whopping $2.5 Billion In Net Profits For Q3 2024

The global leading stablecoin issuer, Tether, reported a whopping $2.5 billion in net profits for Q3 2024. This impressive report came through its latestquarterly attestationon Thursday, October 31.

Following the third quarter's performance, Tether indicated hitting $7.7 billion YTD net profits. This value sprung higher from the firm's report of $5.2 billion after the first half of the year.

Further, the report revealed that the company achieved this milestone with about $102.5 billion in US Treasury holdings. The firm said its reserves comprise over $105 billion both in cash and cash equivalents.

Tether acknowledged its increasing growth rate as a leading stablecoin, with USDT reaching a new ATH of circulating tokens.

A part of the attestation reads: One of the quarterly's highlights is Tether's Stablecoin issuing companies reaching a new ATH of almost $120 billion USDT in circulation. This represents a 30% growth in USDT tokens issued in 2024 year-to-date or $27.8 billion achieved by the companies and is almost equivalent to the entire market cap of its closest competitor."

Tether Strives For Growth Amid Growing Investigations On Its Operations

Tether's record-breaking performance comes as the company continues to face scrutiny from US authorities. Moreover, the company's dominance in the stablecoin market has garnered more concerns over its operations and reserve transparency.

According to a WSJ report, the US Department of Justice (DOJ) is investigating the firm over possible violations of sanctions and anti-money laundering rules. The authorities question the increasing use of USDT tokens in illegal activities.

Further, the report noted that the Treasury Department is contemplating sanctioning Tether due to the widespread use of USDT by US-sanctioned individuals and groups, such as Russian arms dealers and the Hamas terrorist group.

However, Tether's CEO Paolo Ardoino took X to diffuse the investigation claims. According to the executive, there is no indication that Tether is under investigation."

Meanwhile, Tether continues to strive for more growth within the crypto space. It pointed out its commitment to improving its compliance approaches while cooperating with relevant regulatory agencies.

The company noted that it has inculcated robust measures to effectively monitor and curb risks associated with illegal use of USDT.

Tether also reiterated its focus on maintaining security and transparency in its operations, especially its reserves. With over $102 billion holdings in the US Treasury, Tether is among the top 18 holders of US Treasuries worldwide.

In addition, the company raised its reserve buffer to more than $6 billion. This move serves as a strong hedge against the volatile crypto market. Further, the firm has diversified its presence globally, using its affiliates and subsidiaries.

Tether Investments, an investment arm of the company, also grew its holdings to $7.7 billion. This subsidiary has diversified into sectors such as Bitcoin mining, artificial intelligence (AI), renewable energy, education, and telecommunications.

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