Tether, the popular cryptocurrency company, has achieved a remarkable milestone by surpassing $7.7 billion in profit year-to-date, with record high reserves. In the third quarter alone, Tether reported a net profit of $2.5 billion, contributing to the overall impressive figure. The company’s success can be attributed to its strategic investments, including gold holdings worth $5 billion, which generated $1.1 billion in unrealized profits.
Furthermore, Tether has significantly increased its excess reserve buffer to over $6 billion, showcasing a growth rate of 15% over the past nine months. This move has boosted the firm’s total equity to an all-time high of $14.2 billion, with consolidated assets totaling $134.4 billion. Tether CEO Paolo Ardoino emphasized the company’s commitment to financial stability through prudent reserve management.
In addition to its reserves, Tether holds a substantial amount of cash and cash equivalents, with over $105 billion in total, including a record $102.5 billion in US Treasuries. This places Tether among the top global holders of US Treasuries, surpassing countries like Germany, Australia, and the UAE. The company has also added 7,100 Bitcoin to its assets, valued at nearly $4.8 billion.
Tether’s stablecoin, USDT, has experienced a significant surge in circulation, reaching nearly $120 billion, a 30% increase year-to-date. This milestone represents a new all-time high for USDT supply, with an additional $27.8 billion in issuance. Ardoino highlighted the company’s strong financial position, underlined by the $102.5 billion exposure to US Treasuries.
Moreover, Tether’s investment arm has diversified its portfolio to $7.7 billion, focusing on sectors such as renewable energy, Bitcoin mining, artificial intelligence, telecommunications, and education. This expansion demonstrates Tether’s commitment to strategic investments and long-term growth.
Overall, Tether’s impressive financial performance, robust reserves, and strategic investments position the company as a leader in the cryptocurrency space. With a strong focus on stability and growth, Tether continues to set new standards for financial success and innovation in the industry.
