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The Q3 2024 Tether attestation report shows the largest stablecoin issuer garnered an unprecedented $7.7 billion in year-to-date (YTD) profits and a net profit of $2.5 billion in Q3 alone.
According to the latest report showing the Tether YTD profits conducted by accounting firm BDO, the firm increased its reserve buffer to over $6 billion, amounting to a 15% surge in the space of nine months. Accordingly, the largest stablecoin issuer reports an all-time-high $14.2 billion with an asset base of over $134.4 billion.
Surpassing Several Global Economies
The latest 2024 Tether attestation report that shows an accurate Consolidated Financial Figures and Reserves Report (CFFRR) should be seen as a true picture of the firm’s financial strength and asset reserve base. The largest stablecoin issuer has continually demonstrated the ability to satisfy the growing demand for its stablecoin. It currently stands at some $120 billion in the current USDT circulation as of September 30, 2024, marking a 30% YTD increase.
The report indicates that Tether currently holds a strong reserve base, considering the current record of at least $105 billion in cash-to-cash equivalents, which includes some $102.5 billion in US treasury exposure. The said Treasury holdings exposure would, therefore, place the company among the leading asset holders globally, ahead of countries like Australia, Germany and the United Arab Emirates (UAE).
Investment in Diverse Subsectors
When it comes to additional reserves, the 2024 Tether attestation report shows an excess of $6 billion, which indicates a 15% increase in the last nine months. Additionally, the firm’s investments include gold, with an estimated $1.1 billion in unrealized gains. Reports show that the largest stablecoin issuer is already channelling a percentage of its earnings into commodity trading.
Moreover, additional investments are being driven into the emerging artificial intelligence, education, telecommunications and agricultural sectors, which make up the entire $7.7 billion in Tether YTD profits. Commenting on the development, Tether CEO Paolo Ardoino observed that by increasing the firm’s buffer to over $6 billion and training its sights on strategic investment, the company was “once again setting the standard for stability in the financial space.”
Investment Includes 7100 Bitcoins
The largest stablecoin issuer that hasn’t been known to release audited financial statements now brings a report showing the diversity of its investments, which has allowed the company to generate profits from the interest paid from its USDT reserves. The 2024 Tether attestation report shows that the firm’s reserves have surged to an all-time high, enabling it to make over $1.3 billion in profits from US treasuries and gold holdings.
An additional angle to the Tether YTD profits report shows the firm holds at least 7,100 Bitcoins valued at over $500 million. The company’s digital currency portfolio shows that the largest stablecoin issuer has spread investments across a wide range of industries, including Bitcoin mining. The company, which recently celebrated its 10th anniversary, has enjoyed significant growth during the last two years, which could be attributed to tighter regulatory controls from the United States as an aftermath of the November 2022 collapse of cryptocurrency exchange FTX.
Conclusion
Before issuing the 2024 Tether attestation report, the company has always maintained a unique silence regarding its balance sheet, which now shows an asset base exceeding $105 billion, according to the latest report. The report makes the greatest stablecoin issuer among the greatest holders of US treasuries, making a great contender among the holders of US debt thereby surpassing several global economies.
Throughout the firm’s existence, Tether has had to contend with a number of controversies, with the latest being last week’s Wall Street Journal report suggesting the company was subject to a criminal investigation in the United States. The stablecoin issuer seems to have downplayed the potential bombshell of the ongoing civil litigations, which the company’s CEO Ardoino calls “noise and rumours” to show how proper management can help a company to post profits regardless.
