Tetherhaspostedarecord-breaking$2.5billioninprofitsforthethirdquarterof2024,boostingitsconsolidatedearningsthisyearto$7.7billion.
AccordingtoareportreleasedonThursday,thestablecoinissuer’stotalassetsreached$134.4billioninQ3.
TetherisDominatingtheStablecoinMarketbyaLargeMargin
ThecirculatingvalueofTether’sUSDTtokenhasgrowncloseto$120billion,reflectingincreaseddemandamidabullishcryptomarket.Tethercurrentlyholdsmorethan$6billioninexcessreserves.
Thecompany’sreservesincashandcashequivalentshaverisentoover$105billion,with$102.5billionheldinUSTreasurybills—a5%increasefromlastquarter.
DuringQ3,thestablecoinissuerexpandeditsdirectandindirectholdingsinUSTreasuries,earninginterestincomefromthesereserves.Thefirmreportedanadditional$1.3billioninunrealizedprofitsfromTreasuriesand$1.1billionfromitsgoldassetsinthesameperiod.
Beyondstablecoinreserves,thecompanyhasinvested$7.7billionininitiativeslikerenewableenergy,Bitcoinmining,AIdevelopment,telecommunications,andeducationalventures.
“CurrentoutlookforQ4/2024isverypositive.OurteamatTetherInsightsrecentlyreleasedaresearchthreaddemonstratingatotalof330millionon-chainwalletsandaccountseverreceiving$USDt,notevencountingtheseveraltensofmillionsofusersthatholdandtransactin$USDtonlythroughcentralisedexchanges,”Tether’sCEOPaoloArdoinowroteinanX(formerlyTwitter)post.
Earlierthismonth,reportsfromTheWallStreetJournalindicatedthattheUSAttorney’sOfficeinManhattanisinvestigatingTetherforpotentialmisuseofitsplatformbythirdpartiesinvolvedinillegalactivities.
Thecompany’sCEOhasdeniedanyclaimsofafederalprobe,assertingnoindicationofsuchaninvestigation.
Aspartofitsgrowthstrategy,Tetherisevaluatinglendingoptionsforinternationalcommoditiestraders,withaparticularfocusondevelopingmarkets.Withstrongprofitsandestablishednetworks,thefirmispositioningitselfforpotentiallylucrativeexpansions.
Despiteholdingthetopspotinthestablecoinmarket,Tethermayfacerisingcompetition.Ripplerecentlylauncheditsownstablecoin,RLUSD,inSeptember,whilenewEUregulationsforstablecoinscouldaffectTether’sdominanceintheEuropeanmarket.
beincrypto.com