Tether Reports Record Profits, Boosts Reserves Amid Growing Financial Strength
Tether Limited has announced a remarkable net profit of $2.5 billion for the third quarter, bringing its total profits for the year to a record-setting $7.7 billion.
This impressive performance is largely attributed to its gold investments, which are valued at approximately $5 billion and generated unrealized gains of $1.1 billion.
An assurance opinion from accounting firm BDO reveals that Tether has increased its excess reserve buffer to over $6 billion, reflecting a 15% growth over the past nine months. Consequently, the company’s total equity has reached an unprecedented $14.2 billion, with total assets amounting to $134.4 billion. Tether CEO Paolo Ardoino emphasized the company’s commitment to stability, stating that increasing reserves and strategic investments set a new benchmark in the financial industry.
Tether’s issuing entities now maintain over $105 billion in cash and cash equivalents, including a notable $102.5 billion in U.S. Treasuries. This positions Tether among the top 18 global holders of U.S. Treasuries, surpassing countries like Germany and Australia, and reflecting a nearly $5 billion increase since the last report.
READ MORE: Visa Partners with Coinbase for Instant Crypto Payments, Enhancing Trading Opportunities
The firm has also acquired an additional 7,100 Bitcoin, now valued at nearly $4.8 billion, while its stablecoin, Tether USD (USDT), has surged to a circulation of nearly $120 billion—a 30% increase this year. Ardoino highlighted the significance of reaching this milestone and the firm’s substantial U.S. Treasury exposure, which underscores its financial resilience.
Furthermore, Tether’s investment division has expanded its portfolio to $7.7 billion, with investments in sectors such as renewable energy, Bitcoin mining, artificial intelligence, telecommunications, and education.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
