Tether breaks total assets record high with $134.4b in Q3 2024

Tether reported all-time highs in its third quarter 2024 report, including the company’s total assets, group equity and cumulative profit.

According to its Q3 report published on October 31, the stablecoin issuer’s net profit reached $2.5 billion, contributing to a 2024 nine-month consolidated profit of $7.7 billion, an all-time high for Tether(USDT).

Not only that, Tether also recorded ATHs of $14.2 billion in equity and total assets of $134.4 billion on a consolidated basis. Total assets held in its reserves reached approximately $125 billion, while approximately $119 billion in liabilities were from token issuance.

Tether’s Q3 report shows increased demand for USDT stablecoins, with circulation of USDT expected to reach nearly 30% in 2024, with $27.8 billion in additional tokens released this year. In total, the company issued a record number of tokens, reaching almost 120 billion USDT.

In terms of reserves, Tether’s stablecoin issuing companies currently hold $105 billion in the form of cash and cash equivalents. Approximately $102.5 billion of this $105 billion is transferred directly and indirectly to US Treasury securities.

Tether’s US debt stock places the company among the 18 largest global debt holders, ranking above Germany, Australia and the United Arab Emirates.

According to the confirmations, Tether’s stablecoin issuing companies have increased their excess reserve buffers to over $6 billion; This reflects a nine-month growth rate of 15%. Tether’s high net profit of approximately $2.4 billion this quarter is supported by the performance of its gold assets, which generated unrealized profits of approximately $1.1 billion.

Tether Investments also holds an additional 7,100 Bitcoins (BTC) worth $496 million. Tether has invested in a number of startups across various sectors, including renewable energy, Bitcoin mining, artificial intelligence, telecommunications and education.

“Tether’s performance in Q3 2024 demonstrates our relentless commitment to transparency, liquidity and responsible risk management,” said Tether CEO Paolo Ardoino.