Tether (USDT) Net Profit Reaches $2.5 Billion in Q3, Total Assets Hit All-Time High of $134.4 Billion

On Thursday, Tether (USDT), the world's largest stablecoin issuer, released its third-quarter (Q3) assurance opinion report, revealing substantial financial results

Stablecoin issuer Tether (USDT) has released its third quarter (Q3) assurance opinion report, revealing solid financial results amid a broader market recovery led by Bitcoin (BTC).

Overall Tether assets reach all-time high

The report, conducted by accounting firm BDO, highlighted Tether’s growth, with third-quarter net profit of $2.5 billion pushing consolidated profits to $7.7 billion in the first nine months of 2024. This marks a major achievement for the company, which brings total assets to an all-time high of $134.4 billion.

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Another notable achievement of the report is the expansion of Tether’s stablecoin supply, which now exceeds $120 billion in circulation, a 30% increase since the beginning of the year, reflecting growing global demand for Tether’s stablecoin USDT .

Tether’s reserves now exceed $105 billion in cash and cash equivalents, including $102.5 billion in direct and indirect exposure to U.S. Treasury Bills (T-Bills).

If broken down by country, the stablecoin company would be among the top 18 holders of U.S. Treasuries globally, surpassing countries such as Germany and Australia.

CEO Ardoino criticizes 'inclusion bleaching' by other companies

Highlighting the company’s dedication to transparency and responsible risk management, CEO Paolo Ardoino said “Tether’s third quarter performance demonstrates our ongoing commitment to liquidity and financial stability,” noting to increase its reserve buffer to more than $6 billion and investments through Tether Investments.

The Tether CEO revealed that the investments cover various sectors, including renewable energy, Bitcoin mining, artificial intelligence (AI), telecommunications and education.

In a recent X (formerly Twitter) social media post, Ardoino also highlighted the important role of USDT in promoting financial inclusion, especially in developing countries. He noted that a large portion of USDT usage is concentrated in areas with limited traditional banking services.

“USDt is the digital dollar for a large population that has been left behind by the banking industry,” Ardoino explained, highlighting the stablecoin’s role in providing financial services to “underserved populations.”

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Despite the progress, Ardoino acknowledged that a large portion of the world’s population – some 3 billion people – still lack access to basic financial services.

Ardoino further criticized the concept of "financial inclusion bleaching," in which companies hype up improving financial access without delivering real results. Instead, the CEO said Tether aims to lead the move toward a “more inclusive financial ecosystem.”

At the time of writing, Bitcoin, the largest cryptocurrency on the market, is trading at $69,390, having fallen 1.2% over the past 24 hours as it failed to consolidate above the key resistance level of $70,000.

Featured image from DALL-E, chart from TradingView.com

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