The stablecoin issuer recorded significant increases in items such as total assets, group equity and cumulative profit. According to the third quarter report published on October 31, the company’s net profit reached $2.5 billion, bringing the total consolidated profit in the first nine months of the year to $7.7 billion. This stands out as a record level for Tether.

Additionally, the company reached all-time highs with $14.2 billion in equity and $134.4 billion in total assets on a consolidated basis. While Tether’s total assets held in reserves were almost $125 billion, approximately $119 billion of its liabilities came from token issuance.

According to the report, demand for USDT stablecoins is increasing. Throughout 2024, USDT circulation increased by approximately 30%, with a total of $27.8 billion worth of tokens issued this year. Thus, the company issued a record number of tokens, approaching 120 billion USDT.

Tether’s stablecoin issuing companies hold $105 billion in cash and cash equivalents in their reserves, and approximately $102.5 billion of these reserves are evaluated in US Treasury bonds.

This accumulation puts Tether in 18th place among the largest holders of US Treasury bonds worldwide and has a higher bond stock than countries such as Germany, Australia and the United Arab Emirates.

The company’s excess reserve buffer also increased during the quarter, exceeding $6 billion, and this buffer will grow by 15% in the first nine months of 2024. Tether’s $2.4 billion net profit in the quarter was boosted by gains in gold investments; The increase in value of gold assets generated unrealized profits of approximately $1.1 billion.

Tether Investments also holds 7,100 Bitcoin (BTC); these BTC assets are worth approximately $496 million. In addition, the company diversifies its portfolio by investing in startups operating in various sectors such as renewable energy, Bitcoin mining, artificial intelligence, telecommunications and education.

Tether’s third quarter performance shows increasing demand for stablecoins and further strengthening the company’s reserve structure. In his statement regarding the report, CEO Paolo Ardoino emphasized that Tether achieved its strong financial results by following a meticulous strategy in transparency, liquidity and risk management.

Ardoino said, “Tether’s performance in the third quarter of 2024 demonstrates our commitment to transparency, liquidity and responsible risk management,” and stated that Tether will move forward in the light of these values ​​in the future.

Tether continues to take a strategic approach to increasing its investments in U.S. Treasury securities and consolidating liquidity in response to growing stablecoin demand.

With expanding reserves, increasing profitability and diversifying investment portfolio in 2024, Tether aims to strengthen its leading position in the stablecoin industry and increase confidence in the crypto market.