Tether's profit in the third quarter was USD2.5 billion and in 2024 it will be USD7.7 billion.
Tether's profit was driven by demand for #USDT and gains from US Treasuries.
- Tether's third-quarter profit was US$2.5 billion and will be US$7.7 billion in 2024.
#Tether , the issuer of stablecoin, reported a profit of US$2.5 billion in the third quarter of 2024, another record quarter.
In a certification report from October this year, the company's consolidated revenue for 2024 is estimated at US$7.7 billion, equity at US$14.2 billion and total assets at US$134.4 billion.
These results are driven by demand for Tether's stub fund and the yield on the US Treasury bonds backing its reserves. Another $27.8 billion was issued this year, bringing the total amount of USDT in circulation to $120 billion.
This means that by 2024, the amount of USDT in circulation will increase by almost 30%. Tether currently has more than $105 billion in cash and cash equivalents. Most of these funds are in the form of U. S. Treasury bonds - $102.5 billion.
This is up 5% from the U. S. Treasury bond portfolio valued at $97.6 billion in July. Tether is one of the world's 18 largest holders of U. S. Treasuries, ahead of Germany, Australia and the United Arab Emirates.
Tether said its reserves will total more than $6 billion in 2024, up 15 percent on a nine-month basis. The token issue will bring the company's total debt to about $119 billion and its reserves to about $125 billion.
In 2021, the U. S. Commodity Futures Trading Commission (CFTC) imposed a $41 million civil penalty on the company for misrepresenting the stability of its stablecoin.
In addition, the company also reached an $18.5 million settlement with the New York Attorney General on the same or similar grounds.
Read us at: Compass Investments