Tether Reports a Staggering $7.7 Billion Profit for the First Nine Months of 2024

On 31 October 2024, Tether sent across its Q3 2024 report revealing that the company has amassed $102.5 billion in US Treasury holdings

Tether has reported a staggering profit of $7.7 billion for the first nine months of 2024.

On 31 October 2024, Tether sent across its Q3 2024 report revealing that the company has amassed $102.5 billion in US Treasury holdings, which forms a significant part of its reserve assets.

Tether’s Response To Regulatory Pressure

Despite these impressive financial achievements, Tether continues to face intense regulatory scrutiny from governments and financial regulators around the world.

In recent years, several regulatory bodies have raised concerns about the transparency of Tether’s reserve audits and the composition of its assets.

? BREAKING: Federal Investigators probe cryptocurrency firm #Tether.Authorities looking at possible violations of anti-money-laundering and sanctions rules. pic.twitter.com/RsHxpaXvZM

— WallStreetPro (@wallstreetpro) October 25, 2024

The core issue revolves around whether Tether’s reserves are truly sufficient to back every USDT token in circulation.

Commenting on the results, Paolo Ardoino, CEO of Tether, said, “Tether's performance in Q3 2024 showcases our relentless commitment to transparency, liquidity, and responsible risk management.”

The US Securities and Exchange Commission (SEC) has also expressed interest in stablecoins like USDT due to their potential impact on financial stability. In particular, regulators are concerned about how a sudden loss of confidence in a major stablecoin issuer could trigger liquidity crises across crypto markets and beyond.

Recently, in an exclusive interview with 99Bitcoins, Ardoina commented on regulations and said, “I think it is important for the US to build a sensible regulation that protects the end customer but also allows the industry and the technology to thrive. Sometimes regulators, for example, I think the European one, tend to kill an industry with bureaucracy rather than actually trying to help the industry develop in the right way to protect the users.”

Related: Tether CEO Paolo Ardoino Hopes For Net Positive From US Elections, Says Bitcoin Strategic Reserve Is A Great Idea: 99Bitcoins Exclusive

Group Net Profit Of $2.5 billion Contributes To 2024 Nine-Month Consolidated Profit Of $7.7 BillionTether reported a Group net profit of $2.5 billion, “contributing to a 2024 nine-month consolidated profit of $7.7 billion, with group equity reaching $14.2 billion, total circulation of nearly $120 billion USD₮, and total assets on a consolidated basis of $134.4 billion — all of which are all-time highs (ATH).”

The total circulation of USDT now stands at nearly $120 billion, making it by far the most widely used stablecoin in the world.

Tether, the issuer of the world's largest stablecoin, boasts an impressive reserve buffer of over $6 billion, further solidifying its claim of being fully backed by high-quality assets.

“Reaching the $120 billion USD₮ milestone and reporting $102.5 billion in US Treasury exposure highlights the company’s unparalleled financial strength, said Ardoino. “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.”

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