Tether Reports $2.5 Billion Profit in Q3

Top stablecoin provider Tether announced on Thursday that it generated $2.5 billion in profit during the third quarter, according to its latest attestation report.

This brings Tether's nine-month profit total to $7.7 billion, up from $5.2 billion during the first half of 2024.

> "One of the quarter’s highlights is Tether’s Stablecoin issuing companies reaching a new ATH of almost $120 billion USDT in circulation," the firm said in a statement. "This represents a 30% growth in USDT tokens issued in 2024 year-to-date, or $27.8 billion achieved by the companies, almost equivalent to the entire market cap of its closest competitor."

Demand for stablecoins has surged this year, partly due to the post-COVID inflationary environment and rising interest rates aimed at cooling an overheated economy. Recently, the U.S. Treasury indicated it expects continued growth for stablecoins, although potential challenges loom.

In its quarterly attestation, Tether reported its reserves comprised over $105 billion in cash and cash equivalents, with approximately $102.5 billion in direct and indirect U.S. Treasury exposures.

> “By increasing our reserve buffer to over $6 billion and maintaining a focus on strategic investments, Tether is once again setting the standard for stability in the financial space,” said CEO Paolo Ardoino during the attestation.