Tether Holdings Limited (BVI) has released its third-quarter 2024 assurance opinion, conducted by the global accounting firm BDO. The report reveals record financial performance, including a $2.5 billion net profit for Q3, contributing to a nine-month profit of $7.7 billion. The company’s group equity reached $14.2 billion, with total consolidated assets of $134.4 billion.
Tether’s circulating supply of USD₮ reached a new all-time high of nearly $120 billion, representing a 30% year-to-date increase. The company attributes this growth to the increasing global demand for its stablecoin.
Tether’s reserves now hold over $105 billion in cash and cash equivalents, with $102.5 billion allocated to direct and indirect exposure to US Treasuries. This substantial holding places Tether among the top holders of US Treasuries globally.
The company’s excess reserve buffer increased to over $6 billion, reflecting a 15% nine-month growth rate. Tether’s gold holdings generated approximately $1.1 billion in unrealized profits during Q3.
Tether’s proprietary investments, separate from the stablecoin reserves, have reached $7.7 billion, focused on sectors like renewable energy, Bitcoin mining, AI, telecommunications, and education. These investments are managed by Tether Investments. Tether Investments also holds an additional 7,100 Bitcoin.
As of September 30, 2024, Tether reported total assets of at least $125.47 billion and total liabilities of $119.38 billion, with the majority related to issued digital tokens. The company asserts that its assets exceed its consolidated liabilities.
