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It was an all-time high for Tether’s net profit of $2.5 billion in Q3, 2024, bringing the total earnings this year to $7.7 billion. The assets of the company reached $134.4 billion this quarter, which goes to show just how much Tether has come to dominate the market. Furthermore, the circulating value of USDT, which is the main token issued by Tether, increased to almost $120 billion due to higher demand. Additionally, the company holds more than $6 billion in reserves.
Source: https://cointelegraph.com/news/tether-record-q3-profits-earnings-rise-2024Key Highlights:
- Assets and Reserves: Tether’s cash and cash equivalents rose to $105 billion, with $102.5 billion in US Treasury bills—an increase of 5% from last quarter.
- Interest and Investments: The company earned $1.3 billion from US Treasury holdings and $1.1 billion from gold assets.
- Broader Investments: Tether has diversified, investing $7.7 billion in areas like renewable energy, Bitcoin mining, AI, telecommunications, and education.
Tether also faces some challenges in its growth, especially with a reported US Attorney’s Office in Manhattan investigating third parties for the use of the Tether platform to possibly misuse. However, the CEO has maintained no knowledge of the same inquiry.
Further, as part of the growth plan, Tether considers options to lend to international commodity traders and that too in developing markets. It may open up new revenue channels or improve its market position.
Competition looms ahead, though Tether is currently at the forefront. Very recently, Ripple released a stablecoin named RLUSD, and new impending EU regulations may cut into Tether’s market share in Europe.
Tether Q3 2024 Overview
Key Metric | Value |
Quarterly Profit | $2.5 billion |
Year-to-Date Earnings | $7.7 billion |
Total Assets | $134.4 billion |
USDT Circulating Supply | $120 billion |
Cash & Equivalents | $105 billion |
US Treasury Holdings | $102.5 billion |
Unrealized Treasury Profits | $1.3 billion |
Gold Asset Profits | $1.1 billion |
Diversified Investments | $7.7 billion |
Tether’s impressive Q3 results show its continued strength but also hint at challenges as competitors emerge and regulations evolve.
November 2, 2024 at 8:00 pm
Updated November 2, 2024 at 8:00 pm
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