Tether breaks total assets record high with $134.4b in Q3 2024

Tether reported several all-time-highs in its third quarter of 2024 report, including the company’s total assets, group equity and cumulative profit.

According to a Q3 report published on Oct. 31, the stablecoin issuer’s net profit reached $2.5 billion, contributing to a 2024 nine-month consolidated profit of $7.7 billion, an all time high for Tether(USDT).

Not only that, Tether also recorded ATHs on equity at $14.2 billion and total assets on a consolidated basis of $134.4 billion. While the total assets kept in its reserves amounted to nearly $125 billion, around $119 billion of liabilities stemmed from token issuance.

Tether’s Q3 report shows a growing demand for USDT stablecoins, as USDT’s circulation has grown to nearly 30% in 2024, along with an additional $27.8 billion worth of tokens issued this year. In total, the company has issued a record number of tokens, nearly reaching $120 billion USDT.

In terms of reserves, Tether’s stablecoin issuing companies currently hold $105 billion in the form of cash and cash equivalents. Out of that $105 billion, around $102.5 billion are in direct and indirect exposures to U.S. Treasuries.

Tether’s stockpile of US debt places the company in the top 18 largest global holders, ranking above Germany, Australia and the United Arab Emirates.

According to the attestation, Tether’s stablecoin issuing companies boosted their excess reserve buffer above $6 billion, reflecting a nine-month growth rate of 15%. Tether’s high net profit this quarter of around $2.4 billion, is supported by the performance of its gold holdings, which generated approximately $1.1 billion in unrealized profits.

Tether Investments also hold an additional 7,100 Bitcoin(BTC) or worth around $496 million. Tether invested in a number of startups across various industries, including renewable energy, Bitcoin mining, artificial intelligence, telecommunications and education.

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