🚀 Tether Reports $2.5B Q3 Profits, USDT Market Cap Nears $120B! 🚀

Tether has announced a whopping $2.5 billion in net profits for Q3 2024, pushing its year-to-date profit to $7.7 billion. The market cap of its flagship stablecoin, USDT, is now close to $120 billion!

Key Highlights:

- $1.3 billion profits from U.S. Treasury yields

- $1.1 billion from gold appreciation

- Excess reserves backing USDT rose to over $6 billion

Tether's reserves include $84.5 billion in U.S. Treasury bills, $5 billion in gold, and $4.8 billion in Bitcoin. The company also revealed owning 7,100 BTC worth nearly $500 million.

Despite recent allegations of sanctions violations, Tether remains committed to compliance and continues to be a major player in the digital asset ecosystem.

What are your thoughts on Tether's latest report? Share in the comments! 💬