Stablecoin issuer Tether has released its third-quarter attestation report, signed by the accounting firm BDO, revealing a profit of $7.7 billion in the first nine months of the year. The company holds $102.5 billion in U.S. Treasury securities, with a circulating supply exceeding $120 billion and excess reserves of over $6 billion as of the third quarter of 2024.
Tether’s excess reserves in the third quarter reached $6 billion
Tether announced the release of its third-quarter attestation report for 2024, issued by BDO, one of the world’s top five accounting firms. As of September 30, 2024, the group’s total assets amounted to $125,472,000,279, while total liabilities were $119,380,380,143, indicating that assets exceeded liabilities. The difference between assets and liabilities, typically listed as shareholders’ equity on a traditional balance sheet, is referred to by Tether as Shareholder Capital Cushion, which amounts to approximately $6.09 billion.
In terms of asset reserves, 83.89% are held in the forms of cash, cash equivalents, and other short-term deposits. The amount directly and indirectly held in U.S. Treasuries is as high as $102.5 billion. Tether also holds $4.78 billion in Bitcoin and $4.96 billion in precious metals (namely gold). Tether’s CEO, Paolo Ardoino, revealed at the end of October that Tether holds 82,454 BTC.
Net profit for the third quarter is $2.5 billion
The net profit for the third quarter of 2024 is $2.5 billion, with $1.3 billion derived from U.S. Treasury yields and $1.1 billion from unrealized gains and losses on gold holdings. The consolidated profit for the first nine months of 2024 is $7.7 billion, with the group’s equity reaching $14.2 billion and total assets hitting $134.4 billion, both setting historical records. Tether’s proprietary investments (Tether Investments Limited in the table below) have reached $7.7 billion. These strategic investments span key industries such as renewable energy, Bitcoin mining, artificial intelligence, telecommunications, and education, reinforcing Tether’s broader mission to promote global innovation and inclusivity. Tether Investments also holds 7,100 Bitcoins. According to previous analyses by Chain News, Tether continually invests the earnings from its stablecoin into other ventures.
(The imminent interest rate cut by the Federal Reserve may reduce Tether’s quarterly earnings by $200 million; how will the stablecoin leader respond?)
Tether’s market value grows by 30% this year
Tether proudly reports that its issued stablecoin, USDT, has seen a 30% growth in market value year-to-date, nearly equivalent to the total market value of its competitor (referring to Circle’s USDC). The market value of USDT has surpassed $120 billion, accounting for 68% of the total stablecoin market value.
