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

In its third quarter report for 2024, Tether announced several record-breaking achievements, including significant increases in total assets, group equity, and cumulative profits. According to the report published on October 31, the stablecoin issuer achieved a net profit of $2.5 billion for the quarter, contributing to a remarkable consolidated profit of $7.7 billion for the first nine months of the year, marking an all-time high for Tether.

Additionally, Tether reported an all-time high in equity, reaching $14.2 billion, along with total consolidated assets of $134.4 billion. Within these assets, nearly $125 billion are held in reserves, while approximately $119 billion of liabilities are attributable to token issuance.

The Q3 report also highlights a growing demand for Tether’s USDT stablecoin, with its circulation increasing nearly 30% in 2024, alongside an impressive issuance of $27.8 billion worth of new tokens this year. Overall, Tether has issued a record total of nearly $120 billion in USDT.

In terms of reserves, Tether’s stablecoin issuing companies currently hold around $105 billion in cash and cash equivalents. Of this amount, approximately $102.5 billion is directly and indirectly exposed to U.S. Treasuries. This substantial stockpile of U.S. debt places Tether among the top 18 largest global holders, surpassing countries such as Germany, Australia, and the United Arab Emirates.

According to the attestation, Tether’s stablecoin issuing companies have bolstered their excess reserve buffer to above $6 billion, reflecting a growth rate of 15% over the past nine months. Tether’s high net profit for the quarter, estimated at around $2.4 billion, is further supported by the strong performance of its gold holdings, which have generated approximately $1.1 billion in unrealized profits.

In addition to these investments, Tether holds a portfolio that includes 7,100 Bitcoin (BTC), valued at approximately $496 million. The company has also made investments in various startups across multiple industries, including renewable energy, Bitcoin mining, artificial intelligence, telecommunications, and education.

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