PANews November 1 news, according to The Block, stablecoin issuer Tether announced on Thursday that according to its latest audit report, the company achieved a profit of $2.5 billion in the third quarter, bringing its total profit for nine months to $7.7 billion, higher than the $5.2 billion in the first half of 2024.
The company stated in a statement: 'A highlight of this quarter is that Tether's stablecoin issuance company reached a circulation of nearly $120 billion USDT, representing a 30% increase in USDT tokens issued year-to-date in 2024, which is an increase of $27.8 billion, almost equivalent to the entire market capitalization of its closest competitor.'
In its quarterly audit report, Tether stated that its reserves consist of over $105 billion in cash and cash equivalents, with direct and indirect holdings of U.S. Treasury bonds amounting to $102.5 billion. The company's CEO, Paolo Ardoino, stated: 'By increasing our reserve buffer to over $6 billion and continuing to focus on strategic investments, Tether has once again set the standard for stability in the financial sector.'